Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 15, 2015 09:21 ET

Vacancy Rate Lower in Prince Edward Island

MONCTON, NEW BRUNSWICK--(Marketwired - June 15, 2015) - The rental apartment vacancy rate1 in Prince Edward Island's urban centres2 was 6.5 per cent in April 2015 compared to 8.5 per cent in April 2014, according to the Spring Rental Market Survey released today by Canada Mortgage and Housing Corporation.

"In the spring of 2015, the vacancy rate in Prince Edward Island declined significantly," said Claude Gautreau, CMHC's Senior Market Analyst for New Brunswick and Prince Edward Island. "The decline was due, in large part to last year's reduced levels of construction activity in the local rental market and continued gains in net migration," added Gautreau.

The spring vacancy rate in Charlottetown, where the local rental stock accounts for over 85 per cent of the provincial total, was down 2.6 percentage points to 6.1 per cent. In Summerside, the spring vacancy rate, at 9.0 per cent, was significantly higher than the provincial average.

The average two-bedroom rent in the Charlottetown area was $845 per month in April 2015. In Summerside, the the average two-bedroom rent stood at $741.

Rental Market data is also available in English and French at the following link:
Spring Rental Market Report

1The survey is based on privately-initiated rental apartment structures of three or more units.

2URBAN centres defined as centres with a population of 10,000 or more.

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

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.

Follow CMHC on Twitter @CMHC_ca

To view the graph and tables associated with this release, please visit the following link: http://media3.marketwire.com/docs/1012482.pdf

Additional data is available upon request.

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