Vacancy Rates Mixed in Nova Scotia

HALIFAX, NOVA SCOTIA--(Marketwired - June 20, 2013) - According to Canada Mortgage and Housing Corporation's (CMHC) Spring Rental Market Survey, the overall vacancy rate in Nova Scotia's urban centres was unchanged in April 2013 at 3.4 per cent.

"Vacancy rates in urban centres in Nova Scotia were mixed in the spring of this year," said Tim Andrews, market analyst with CMHC's Atlantic Business Centre. "In Halifax, positive migration patterns and some shifting demand towards rental were offset by modest amounts of new supply entering the market, resulting in a statistically unchanged vacancy rate this year," said Andrews. "In Truro and New Glasgow, increases in supply out-paced demand, pushing vacancies up to 8.4 and 5.7 per cent, respectively," Andrews added.

The Halifax Census Metropolitan Area, which is home to 84 per cent of the provincial rental stock, saw the vacancy rate remain statistically unchanged at 3.0 per cent this year. In Cape Breton, the vacancy rate declined from 4.5 to 3.1 per cent while in Kings Subdivision A, rates climbed from 0.8 to 1.6 per cent in April 2013. In Truro, the second largest rental market in the province, vacancies increased to 8.4 per cent in April. In East Hants and Kentville, vacancy rates were statistically unchanged at 3.9 and 5.7 per cent, respectively.

The average rent for a two-bedroom unit in Halifax was $965 per month in April 2013. East Hants saw the second highest two-bedroom rent at $783 followed by Truro at $769.

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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Additional data is available upon request

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