Little Change in St. John's Metro Vacancy Rate

ST. JOHN'S , NL, Dec. 16 /CNW/ - According to the results of the fall 2009 rental market survey released today by Canada Mortgage and Housing Corporation (CMHC), the vacancy rate in the St. John's census metropolitan area (CMA) was 0.9 per cent compared to a similar 0.8 per cent vacancy rate in 2008. The average two bedroom monthly rent increased to $677 .

"Solid economic activity and positive employment growth within the St. John's area sustained rental market demand, resulting in low vacancies and higher rents throughout 2009," said Chris Janes , senior market analyst with CMHC in Newfoundland and Labrador. "The local oil industry and a lengthy list of major capital projects continued to stimulate local economic growth and in-migration to the region this year," added Janes.

Provincially, vacancy rates in percentage terms were 0.4 in the Corner Brook census agglomerate (CA), 1.6 in Gander and 1.7 in Grand Falls-Windsor CA. The combined provincial vacancy rate for all centres surveyed was 1.0 per cent.

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: Chris Janes, Senior Market Analyst - NL, CMHC Market Analysis Centre, [phone], Cell: [phone], [email protected],