Vacancy Rate Rises in St. John's

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwired - Dec. 16, 2014) - The rental apartment vacancy rate¹ in the St. John's Census Metropolitan Area (CMA) was 4.6 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.

"Despite positive migration to St. John's and fewer rental completions, the vacancy rate edged up in 2014," said Chris Janes, Senior Market Analyst with CMHC's Atlantic Business Centre. "Supply of new, higher-end rental units and increased competition from the large secondary rental market exerted upward pressure on the vacancy rate of surveyed rental units," added Janes.

On the basis of a sample of structures common to both the 2013 and 2014 surveys², the average two-bedroom rent increased by 3.2 per cent in the St. John's CMA. Overall, the average rent for a two-bedroom apartment in St. John's was $888.

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.

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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.

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/984258_table_eng.pdf