Vacancy Rate Rises in Newfoundland and Labrador

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwired - Dec. 16, 2014) - The rental apartment vacancy rate¹ in Newfoundland and Labrador's urban centres² was 4.1 per cent in October 2014, up from 2.7 per cent in October 2013, according to the Fall Rental Market Survey released today by Canada Mortgage and Housing Corporation.

"Moderately slower economic growth resulted in some reduced demand for rental units and a higher vacancy rate in the province," said Chris Janes, Senior Market Analyst with CMHC's Atlantic Business Centre. "All urban centres except Gander reported higher vacancy rates in the October survey," added Janes.

On the basis of a sample of structures common to both the 2013 and 2014 surveys³, the average two-bedroom rent increased by 3.1 per cent in Newfoundland and Labrador's urban centres. Overall, the average rent for a two-bedroom apartment in the province was $812.

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

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

³ Year-over-year comparisons of average rents can be slightly misleading because rents in newly built structures tend to be higher than in existing buildings. Excluding new structures and focusing on structures existing in both the October 2013 and October 2014 surveys provides a better indication of actual rent increases paid by 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/984259e.pdf