Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 09, 2010 08:15 ET

Vacancy Rate Declines on Prince Edward Island

CHARLOTTETOWN, PRINCE EDWARD ISLAND--(Marketwire - Dec. 9, 2010) - Results from Canada Mortgage and Housing Corporation's (CMHC) 2010 Rental Market Survey, which was conducted during the first two weeks of October, indicate that the vacancy rate in PEI's urban centres posted an overall decrease.

"The overall vacancy rate in urban centres stood at 2.2 per cent in October 2010, down from 3.1 per cent a year ago," said Jason Beaton, market analyst with CMHC in Prince Edward Island. "Charlottetown's vacancy rate in October 2010 was 2.3 per cent compared to 3.4 per cent last fall," added Beaton. Vacancies decreased given steady demand despite increased levels of new rental construction. As new rental structures must be completed and on the market for at least three months for inclusion in the survey, some more recently built units are not reflected in the survey data. The vacancy rate in Summerside remained steady at 1.4 per cent. 

Overall, average rents in all of Prince Edward Island's urban centres experienced a 2.2 per cent year–over-year increase in 2010 (based on structures common to both the 2009 and 2010 surveys). In the Charlottetown area, the increase was 1.9 per cent, while in Summerside rents rose 4.3 per cent.

As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making vital decisions.

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Contact Information

  • CMHC Market Analysis Centre
    Jason Beaton
    Market Analyst