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 Prince Edward Island's urban centres increased to 5.0 per cent in October 2012, up from 2.9 per cent last year.
Among the two major urban centres in the province, Charlottetown posted the highest vacancy rate at 5.7 per cent, while the rate was lower in Summerside at one per cent. "In 2012, the overall vacancy rate for the province's urban centres was impacted by higher than average rental market construction activity particularly in the Charlottetown area," said Beaton.
In Summerside, the vacancy rate in the fall of 2012 was essentially unchanged at 1.0 per cent, despite the above average rental construction in 2011. "The flat vacancy rate in Summerside can be attributed, in large part, to rental construction keeping pace with increased demand arising from population growth," continued Beaton.
Overall average rents in all of Prince Edward Island's urban centres increased 2.7 per cent in 2012 (based on structures common to both the 2011 and 2012 surveys). The year-over-year increase varied from a low of 1.0 per cent in Summerside to a high of 3.0 per cent in Charlottetown.
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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