Changes in vacancy rates mixed across New Brunswick

MONCTON, NB, Dec. 16 /CNW/ - According to the fall 2009 Rental Market Report released today by Canada Mortgage and Housing Corporation (CMHC), the vacancy rate increased in two of New Brunswick's three large urban areas.

Among the three major urban centres in the province, Fredericton posted the lowest vacancy rate at 2.3 per cent. "With strong employment levels, in-migration has remained steady in the provincial capital pushing down the vacancy rate in 2009," said Claude Gautreau , Senior Market Analyst with CMHC in New Brunswick .

Both Saint John and Moncton were higher at 3.6 and 3.8 per cent, respectively. "In Moncton and Saint John, reduced demand for housing has also affected the rental market, as evidenced by the higher vacancy rate in 2009," continued Gautreau.

In three of New Brunswick's four smaller urban centres, the vacancy rate declined during the past 12 months. Among these centres, the lowest vacancy rate was in Miramichi at 2.4 per cent while the highest overall vacancy rate in the province was in Edmundston at 10.9 per cent. In Campbellton, the vacancy rate was down 0.5 percentage points to 6.4 per cent. "In general terms, the rental market in the province's four small CA's remained largely unchanged in 2009," continued Gautreau.

Overall, average same-sample rents in all of New Brunswick's urban areas experienced a 3.1 per cent year-over-year increase in 2009. In individual centres, the year-over-year increase varied from a low of 2.1 per cent in Edmundston to a high of 5.6 per cent in Miramichi.

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.

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

For further information: Claude Gautreau, CMHC Market Analysis Centre, [phone], Cell: [phone], [email protected]