Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 20, 2013 08:15 ET

Vacancy Rates Varied Across Newfoundland

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwired - June 20, 2013) - According to Canada Mortgage and Housing Corporation's (CMHC) Spring Rental Market Survey, the overall vacancy rate in Newfoundland decreased to 1.7 per cent in April 2013, compared to 2.7 per cent last year.

The St. John's rental market vacancy rate was 1.5 per cent in April 2013 compared to 3.3 per cent in April 2012. "Current house prices, paired with population growth and a strong economy, supported rental market demand during the survey period and slowed the movement from renter households to homeownership. This contributed to the decrease in the vacancy rate throughout the St. John's area," said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador.

Provincially, vacancy rates in percentage terms were 2.8 in Gander, zero in Corner Brook and 2.5 in Grand Falls-Windsor.

Overall, the average two-bedroom rent was $751 across the urban centres surveyed, with increases recorded in every centre. The highest average two-bedroom rent recorded was $832 in the St. John's area. The remaining average two-bedroom rents were $626 in Corner Brook, $605 in Gander and $662 in Grand Falls-Windsor.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of 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.

Follow CMHC on Twitter @CMHC_ca.

Additional data is available upon request

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Contact Information

  • Market Analysis Contact:
    Chris Janes
    709-772-2403
    Cell: 709-743-4636
    cjanes@cmhc.ca

    Media Contact:
    Caroline Arsenault
    902-426-8127
    Cell: 902-452-4448
    cmarsena@cmhc.ca