Vacancy Rate Stable in Moncton

MONCTON, NEW BRUNSWICK--(Marketwired - Dec. 16, 2014) - The rental apartment vacancy rate¹ in the Moncton Census Metropolitan Area (CMA) was relatively stable at 8.7 per cent in October 2014 according to the Fall Rental Market Survey released today by Canada Mortgage and Housing Corporation.

"Fewer apartment completions during the past year and the absorption of existing inventory resulted in a stable vacancy rate in October," said Claude Gautreau, CMHC's Senior Market Analyst for New Brunswick.

At the submarket level, the vacancy rate was down to 6.5 per cent in Dieppe City while the vacancy rate rose to 6.4 per cent in the Town of Riverview. The vacancy rate in the largest submarket of Moncton City remained stable.

On the basis of a sample of structures common to both the 2013 and 2014 surveys², the average two-bedroom rent increased by 1.2 per cent in the Moncton CMA. The average two-bedroom rent stood at $762 per month in the fall of 2014.

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/984255e-table.pdf