Vacancy Rates Increase in New Brunswick

MONCTON, NEW BRUNSWICK--(Marketwire - June 12, 2012) - According to Canada Mortgage and Housing Corporation's (CMHC) Spring Rental Market Survey, the overall vacancy rate in New Brunswick urban centres increased to 6.2 per cent in April 2012 compared to 4.5 per cent a year ago.

"Higher vacancy rates in Fredericton, Moncton and Saint John, the three large urban centres in the province that account for over 80 per cent of New Brunswick's rental stock, led to the overall vacancy rate increase in April of 2012," said Claude Gautreau, CMHC's senior market analyst for New Brunswick. Fredericton posted the lowest vacancy rate in the province at 3.8 per cent. In both Moncton and Saint John, the vacancy rate was higher at 5.0 and 8.4 per cent, respectively.

In most of New Brunswick's smaller urban areas, the vacancy rates were higher than the provincial average of 6.2 per cent. The highest vacancy rate in the province was 8.7 per cent in Bathurst. In Edmundston and Campbellton, the vacancy rates stood at 8.6 and 7.9 per cent, respectively. At 5.4 per cent, the vacancy rate in Miramichi was lower than the provincial average.

In Fredericton and Moncton, the average two-bedroom rent stood at $755 and $721, respectively. At $688, the average two-bedroom rent in Saint John was slightly lower than the provincial average of $696. The average two-bedroom rent in the province's smaller urban centres ranged between $490 and $562 per month.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

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.

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