Vacancy Rate Rises in Halifax

HALIFAX, NOVA SCOTIA--(Marketwired - Dec. 16, 2014) - The rental apartment vacancy rate¹ in Halifax was 3.8 per cent in October 2014, up from 3.2 per cent in October 2013, according to the Fall Rental Market Survey released today by Canada Mortgage and Housing Corporation.

"The vacancy rate increased to 3.8 per cent in the Halifax Regional Municipality this year", said Guillaume Neault, Senior Market Analyst with CMHC's Atlantic Business Centre. "Despite the addition of more than two years of average new rental supply in the market in the past year, demand for rental units remained strong and largely offset the impact of the increase," added Neault.

On the basis of a sample of structures common to both the 2013 and 2014 surveys², the average two-bedroom rent increased by 1.8 per cent in Halifax.

Overall, the average rent for a two-bedroom apartment in the City of Halifax was $1,056 while the average two-bedroom rent in the City of Dartmouth was $916 per month this year. In the submarket of Peninsula South the average rent for a two-bedroom unit was $1,408 in October 2014, representing the highest average rent for all zones in Halifax.

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

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 advice to Canadian governments, consumers and the housing industry.

¹ Based on privately-initiated rental apartment structures of three or more units.

² When comparing year-over-year average rents, the age of the building needs to be taken in to consideration because rents in newly-built structures tend to be higher than in existing buildings. By comparing rents for units that are common to both 2014 and 2013 Fall Rental Market Surveys, we can get a better indication of actual rent increases paid by most tenants.

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Additional data is available upon request.

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To view the table associated with this release, please visit the following link: http://media3.marketwire.com/docs/984260e.pdf