Vacancy Rate Increases on Prince Edward Island

CHARLOTTETOWN, PRINCE EDWARD ISLAND--(Marketwire - Dec. 13, 2011) - According to Canada Mortgage and Housing Corporation's (CMHC) Fall Rental Market Survey, the vacancy rate in PEI's urban centres posted an overall increase.

"As a result of increased levels of rental construction in the Charlottetown area over the past three years, the provincial vacancy rate rose to 2.9 per cent from 2.2 per cent last year," said Jason Beaton, market analyst with CMHC in Prince Edward Island. In October 2011, the vacancy rate in Charlottetown increased to 3.3 per cent from 2.3 per cent a year ago. The vacancy rate in Summerside was relatively unchanged at 0.8 per cent.

The average rent in Prince Edward Island's urban areas experienced a 2.4 per cent year-over-year increase in 2011 (based on structures common to both the 2010 and 2011 surveys). In the Charlottetown area, the increase was 2.6 per cent while in Summerside, rents rose 1.3 per cent.

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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