MONCTON, NEW BRUNSWICK--(Marketwired - Dec. 12, 2013) - The rental apartment vacancy rate1 in Prince Edward Island's urban centres2 was 7.1 per cent in October, 2013, up from 5.0 per cent in October, 2012 according to the Fall Rental Market Survey released today by Canada Mortgage and Housing Corporation.

"An increase in supply due to high levels of rental apartment completions, combined with falling international immigration has resulted in a rising vacancy rate," said Jason Beaton, CMHC's Market Analyst for Prince Edward Island.

On the basis of a sample of structures common to both the 2012 and 2013 surveys3, the average two-bedroom rent increased by 1.2 per cent in Prince Edward Island.

The vacancy rate varied significantly between the province's two urban centres. Summerside recorded the lower vacancy rate at 2.7 per cent, while Charlottetown posted a significantly higher rate of 7.9 per cent.

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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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.

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A table is available at the following address:

Contact Information:

Market Analysis Contact:
Jason Beaton, Market Analyst

Media Contact:
Caroline Arsenault, Communications & Marketing
Cell: 902-452-4448