Vacancy Rate Increases in New Brunswick

MONCTON, NEW BRUNSWICK--(Marketwired - June 20, 2013) - Results from Canada Mortgage and Housing Corporation's (CMHC) 2013 Spring Rental Market Survey released today indicate that the overall vacancy rate for apartment units in New Brunswick's urban centres stood at 7.6 per cent in April 2013, compared to 6.2 per cent a year ago.

"Higher vacancy rates recorded in New Brunswick's three large urban centres - Fredericton, Moncton and Saint John - led to the overall vacancy rate increase in April of 2013 as the combined rental stock in these markets accounts for over 85 per cent of the provincial total," said Claude Gautreau, CMHC's senior market analyst for New Brunswick. The vacancy rate in Fredericton was the lowest among the province's large urban centres at 5.2 per cent. In both Moncton and Saint John, the vacancy rates were higher at 7.4 and 10.4 per cent, respectively.

In three of New Brunswick's smaller urban areas, the vacancy rates were lower than the provincial average of 7.6 per cent, with Bathurst being the only exception with a 9.5 per cent vacancy rate. In Edmundston and Campbellton, the vacancy rates stood at 5.6 and 5.8 per cent, respectively. At 4.6 per cent, the vacancy rate in Miramichi was the lowest in the province.

In Fredericton and Moncton, the average two-bedroom rent stood at $773 and $744, respectively. At $703 the average two-bedroom rent in Saint John was slightly lower than the provincial average of $716. The average two-bedroom rent in the province's smaller urban centres ranged between $496 and $581 per month.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. 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 informed decisions.

For more information, visit www.cmhc.ca or call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at CMHC Housing Market Information.

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Additional data is available upon request.

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