HALIFAX, NOVA SCOTIA--(Marketwire - June 12, 2012) - According to Canada Mortgage and Housing Corporation's (CMHC) Spring Rental Market Survey, the overall vacancy rate in Nova Scotia increased to 3.4 per cent in April 2012 from three per cent a year ago.
"Vacancy rates in Nova Scotia's urban centres were mixed in the spring of 2012," said Matthew Gilmore, senior market analyst with CMHC's Atlantic Business Centre. "In Halifax, the province's largest rental market, steady migration and modest levels of new supply largely offset each other, resulting in a relatively unchanged vacancy rate," added Gilmore. "In other parts of the province, out-migration patterns along with declines in employment put upward pressure on vacancy rates," said Gilmore.
The Halifax Census Metropolitan Area, which is home to 84 per cent of the province's rental units, saw the vacancy rate remain statistically unchanged at 3.2 per cent this year. In Cape Breton, the vacancy rate increased from 2.4 to 4.5 per cent while in the Kentville CA, rates climbed from 3.2 to 6.8 per cent in 2012. In Truro, the second largest rental market, the vacancy rate declined from 5.1 to 3.5 per cent in April of this year.
The average rent for a two-bedroom unit in Halifax was $926 per month in 2012. Truro saw the next highest two-bedroom rent at $770 followed by Cape Breton at $694. The lowest average two-bedroom rents were in New Glasgow and Kentville at $636 and $627, respectively.
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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