Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 09, 2010 08:15 ET

Vacancy Rates Rise in Most Provincial Urban Centres

MONCTON, NEW BRUNSWICK--(Marketwire - Dec. 9, 2010) - According to results from the Fall 2010 Rental Market Survey released today by Canada Mortgage and Housing Corporation (CMHC), the vacancy rate increased in all three of New Brunswick's largest urban centres – Fredericton, Moncton and Saint John.

Among the three major urban centres in the province, Fredericton posted the lowest vacancy rate at 2.6 per cent. "Strong employment levels and steady in-migration have kept the vacancy rate low in the provincial capital," said Claude Gautreau, Senior Market Analyst with CMHC in New Brunswick.

Both Moncton and Saint John vacancy rates were higher at 4.2 and 5.1 per cent, respectively. "In 2010, housing market conditions have remained favourable to those seeking homeownership, contributing to reduced rental unit demand and higher vacancy rates in both Moncton and Saint John," said Gautreau.

In three of New Brunswick's four smaller urban centres, the vacancy rate increased this year. Edmundston was the only centre that posted a lower vacancy rate in 2010, declining 2.3 percentage points to 8.6 per cent. Miramichi matched Fredericton with the lowest vacancy rate in the province at 2.6 per cent while the highest overall vacancy rate in the province was in Bathurst at 9.9 per cent.

Overall average rents in all of New Brunswick's urban centres increased 2.3 per cent in 2010 (based on structures common to both the 2009 and 2010 surveys). In urban centres, the year-over-year increase varied from a low of 1.1 per cent in Bathurst to a high of 2.9 per cent in Saint John.

As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. 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 vital decisions.

For more information, visit www.cmhc.ca or call 1-800-668-2642.

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Contact Information

  • Claude Gautreau
    Senior Market Analyst
    CMHC Market Analysis Centre
    506-851-2742
    Cell: 506-866-9002
    cgautrea@cmhc.ca