Vacancy Rate Increases on Prince Edward Island

MONCTON, NEW BRUNSWICK--(Marketwired - June 20, 2013) - According to Canada Mortgage and Housing Corporation's (CMHC) Spring Rental Market Survey, the overall vacancy rate in Prince Edward Island's urban centres was 7.8 per cent in April 2013, compared to 4.8 per cent last year.

Among the two major urban centres in the province, Charlottetown posted the highest vacancy rate at 8.7 per cent. "In 2013, the overall vacancy rate for the province's urban centres was impacted by recent higher than average rental market construction activity particularly in the Charlottetown area," said Jason Beaton, CMHC's market analyst for Prince Edward Island.

In Summerside, the vacancy rate in April 2013 was essentially unchanged at 2.3 per cent. "The flat vacancy rate in Summerside can be attributed, in large part, to rental construction keeping pace with increased demand arising from population growth," continued Beaton.

Overall average rents in all of Prince Edward Island's urban centres increased 1.0 per cent in 2013 (based on structures common to both the 2012 and 2013 surveys). The year-over-year increase for the Charlottetown area was 1.2 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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Additional data is available upon request

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