MONCTON, NEW BRUNSWICK--(Marketwire - Dec. 13, 2012) - According to Canada Mortgage and Housing Corporation's (CMHC) Fall Rental Market Survey, the overall vacancy rate in New Brunswick's urban centres increased to 6.9 per cent in October 2012 up from 4.8 per cent last year.
Among the three major urban centres in the province, Fredericton posted the lowest vacancy rate at four per cent. In Greater Moncton, the fall 2012 vacancy rate was higher at 6.7per cent. "In 2012, the overall vacancy rate for provincial urban centres was impacted, in part, by higher than average rental market construction activity in Fredericton and Moncton, the province's two busiest markets in terms of new construction," said Gautreau.
In Saint John, the vacancy rate in the fall of 2012 was the highest in the province at 9.7 per cent. "With relatively limited rental market construction in recent years, the rise in the vacancy rate in Saint John can be attributed, in large part, to limited in-migration and favourable market conditions that continue to draw current and potential renters to homeownership," continued Gautreau.
In New Brunswick's four smaller urban centres, the vacancy rate ranged from a low of three per cent in Miramichi to a high of 8.1 per cent in Edmundston.
Overall average rents in all of New Brunswick's urban centres increased 2.4 per cent in 2012 (based on structures common to both the 2011 and 2012 surveys). In urban centres, the year-over-year increase in the average rent varied from a low of 0.8 per cent in Miramichi to a high of 2.7 per cent in Fredericton.
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.
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