Vacancy Rate Remains Stable in Nova Scotia

HALIFAX, NOVA SCOTIA--(Marketwired - June 15, 2015) - The rental apartment vacancy rate¹ in Nova Scotia's urban centres² was 4.6 per cent in April, 2015, which was relatively unchanged from last April according to the Spring Rental Market Survey released today by Canada Mortgage and Housing Corporation.

"Vacancy rates in urban centres in Nova Scotia remained stable in most centres across the province this spring," said Alex MacDonald, Regional Economist, with CMHC's Atlantic Market Analysis Centre. "In Halifax, relatively strong population gains in the third and fourth quarter kept the vacancy rate statistically unchanged at 4.2 per cent this spring," said MacDonald. "In New Glasgow, despite little construction taking place over the last year the vacancy rate increased to 9.0 per cent in April," MacDonald added.

In Truro, the vacancy rate returned closer to its five-year average declining from 7.4 to 6.2 per cent while in Kings Subdivision A, rates remained at 1.5 per cent. In Cape Breton, the vacancy rate increased to 7.5 per cent while the rate remained statistically unchanged in Kentville at 5.6 per cent.

On the basis of a sample of structures common to both the 2014 and 2015 surveys³, the average two-bedroom rent increased by 1.8 per cent in Nova Scotia and Halifax

The average rent for a two-bedroom unit in Halifax was $1,035 per month in April 2015. East Hants saw the second highest two-bedroom rent at $846 followed by Truro at $789.

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

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

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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 April 2014 and April 2015 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/2477e.pdf