HALIFAX, NOVA SCOTIA--(Marketwire - Dec. 13, 2012) - According to Canada Mortgage and Housing Corporation's (CMHC) Fall Rental Market Survey, the overall vacancy rate in Nova Scotia increased to 3.4 per cent in October 2012 from 2.7 per cent last year.
"The overall vacancy rate in Nova Scotia's urban centres increased in 2012," said Matthew Gilmore, senior market analyst with CMHC`s Atlantic Business Centre. "In Halifax, steady demand for rental was not enough to offset increases in new supply resulting in higher vacancies this year," added Gilmore. "In other parts of the province, out-migration patterns led to reduced demand and put upward pressure on vacancy rates in 2012," said Gilmore.
The Halifax Census Metropolitan Area, which is home to 84 per cent of the province's rental units, saw the vacancy rate increase from 2.4 per cent to 3.0 per cent this year. In Truro, the second largest rental market, vacancies climbed to 5.8 per cent from 4.2 per cent in 2011. In New Glasgow, the vacancy rate increased to 4.3 per cent in 2012 from 2.8 per cent last year. Vacancies in Cape Breton and Kentville remained statistically unchanged in 2012 at 3.8 and 5.5 per cent, respectively.
The average rent for a two-bedroom unit in Halifax was $954 per month in 2012. Truro saw the next highest two-bedroom rent at $772 followed by Cape Breton and Kings Subdivision A. at $712 and $683 per month, respectively. The lowest average two-bedroom rents were in Kentville and New Glasgow at $656 and $655, respectively.
As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high 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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