October 2013 Rental Market in Newfoundland and Labrador

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwired - Dec. 12, 2013) - The rental apartment vacancy rate¹ in Newfoundland and Labrador's urban centres² was 2.7 per cent in October 2013, up from 2.2 per cent in October 2012, according to the Fall Rental Market Survey released today by Canada Mortgage and Housing Corporation.

"Higher home prices throughout the province supported rental market demand during the survey period, but not enough to keep the overall vacancy rate from rising," said Chris Janes, CMHC's Senior Market Analyst for Newfoundland and Labrador.

On the basis of a sample of structures common to both the 2012 and 2013 surveys³, the average two-bedroom rent increased by 5.2 per cent in Newfoundland and Labrador.

Most urban centres registered higher vacancy rates. The only market to report a decline was Corner Brook which also reported the lowest vacancy rate of all centres surveyed.

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.

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¹ The 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.

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To view the table associated with this release, please visit the following link: http://media3.marketwire.com/docs/917258e.pdf