October 2013 Rental Market in New Brunswick

MONCTON, NEW BRUNSWICK--(Marketwired - Dec. 12, 2013) - The rental apartment vacancy rate¹ in New Brunswick's urban centres² was 8.9 per cent in October 2013, up from 6.9 per cent in October 2012, according to the Fall Rental Market Survey released today by Canada Mortgage and Housing Corporation.

"Above average supply levels in some provincial markets, combined with weaker demand due to rising out-migration has resulted in higher vacancy rates in most urban centres in New Brunswick," said Claude Gautreau, CMHC's Senior Market Analyst for New Brunswick.

On the basis of a sample of structures common to both the 2012 and 2013 surveys³, the average two-bedroom rent increased by one per cent in New Brunswick. Overall, the average rent in provincial urban centres was up 0.8 per cent as rising supply levels limited upward pressure on monthly rents.

The lowest vacancy rate was registered in Miramichi at 3.6 per cent. The highest vacancy rate in the province was recorded in Bathurst at 11.8 per cent. Campbellton was the only provincial urban centre to record a lower vacancy rate than in 2012.

Rental Market data is also available in English and French at the following link: Fall Rental Market Report

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of 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.

Follow CMHC on Twitter @CMHC_ca

¹The survey is based on privately-initiated rental apartment structures of three or more units.

²Urban centres defined as centres with a population of 10,000 or more.

³Year-over-year comparisons of average rents can be slightly misleading because rents in newly built structures tend to be higher than in existing buildings. Excluding new structures and focusing on structures existing in both the October 2012 and October 2013 surveys provides a better indication of actual rent increases paid by tenants.

Additional data is available upon request.

(Ce document existe également en français)

A table is available at the following link: http://media3.marketwire.com/docs/917256_table_eng.pdf