Vacancy rate changes mixed on Prince Edward Island

CHARLOTTETOWN, Dec. 16 /CNW/ - Results from Canada Mortgage and Housing Corporation's (CMHC) 2009 Rental Market Survey, which was conducted during the first two weeks of October, indicated that the vacancy rate in Charlottetown increased, while Summerside posted a decrease.

"Increased levels of rental construction in the Charlottetown area over the past year have resulted in additional vacancies," said Jason Beaton , Market Analyst with CMHC in Prince Edward Island . In October 2009 , the vacancy rate in Charlottetown rose to 3.4 per cent from 2.3 per cent a year ago. The vacancy rate in Summerside decreased to 1.4 per cent from 4.1 per cent last October.

Overall, average same-sample rents in all of Prince Edward Island 's urban areas experienced a 4.7 per cent year-over-year increase in 2009. In the Charlottetown area, the increase was 4.8 per cent, while in Summerside it was slightly less at 4.3 per cent.

The overall availability rate* in Prince Edward Island 's urban centres increased to 4.3 per cent in 2009 compared to 4.0 per cent last year. As was the case with the vacancy rate, the availability rate increased in Charlottetown, but declined in Summerside. The availability rate in Charlottetown rose to 4.9 per cent from 4.0 per cent, while the availability rate in Summerside fell to 1.4 per cent from 4.2 per cent last year.

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.

* Availability rate: A rental unit is considered available if the existing tenant has given, or has received notice to move, and a new tenant has not signed a lease; or the unit is vacant.

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

For further information: Jason Beaton, CMHC Market Analysis Centre, [phone], Cell: [phone], [email protected]