Changes in Vacancy Rates Mixed Across Nova Scotia

HALIFAX , Dec. 16 /CNW/ - Results of Canada Mortgage and Housing Corporation's (CMHC's) 2009 Rental Market Survey indicated that vacancy rate changes were mixed in Nova Scotia's urban centres in 2009.

According to data released today by CMHC, the rental apartment vacancy rate in Nova Scotia decreased to 3.1 per cent in 2009 from 3.5 per cent last year. The Halifax Census Metropolitan Area, which is home to the majority of the province's rental units, saw the vacancy rate decline to 2.9 per cent this year. Cape Breton and New Glasgow also saw vacancies decline, while Truro and Kentville recorded increases.

The average rent for a two-bedroom unit in Halifax was $877 per month in 2009. Truro saw the next highest two-bedroom rent at $737 followed by Cape Breton and Kentville at $641 and $620 per month respectively. The lowest average two-bedroom rents were in Kings Subdivision A and New Glasgow at $569 and $559 respectively.

"In Halifax , rising wages and employment strengthened demand for all types of housing, including rental accommodations," said Matthew Gilmore , senior market analyst with CMHC's Atlantic Business Centre. "Demand for rental units in other parts of the province remained strong for the most part with many renters tending not to move," Gilmore added.

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.

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

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For further information: on this release: Matthew Gilmore, Senior Market Analyst, Canada Mortgage and Housing Corporation, [phone], [email protected]