Vacancy Rate Lower in New Brunswick

MONCTON, NEW BRUNSWICK--(Marketwired - June 15, 2015) - The rental apartment vacancy rate¹ in New Brunswick's urban centres² was 8.0 per cent in April 2015, down from 9.1 per cent last spring, according to the Spring Rental Market Survey released today by Canada Mortgage and Housing Corporation.

"A significant year-over-year decline in the spring vacancy rate in some of New Brunswick's urban centres, most notably in Moncton and Miramichi, contributed to the lower overall provincial vacancy rate," said Claude Gautreau, CMHC's senior market analyst for New Brunswick and Prince Edward Island. The vacancy rate in Fredericton was the lowest among the province's large urban centres at 6.2 per cent. In Moncton and Saint John, the vacancy rates stood at 8.8 and 8.4 per cent, respectively.

The spring vacancy rate in New Brunswick's smaller urban areas posted mixed results. The vacancy rate in Bathurst was the province's highest, at 10.6 per cent. At 2.2 per cent, the vacancy rate in Miramichi was the lowest. The vacancy rates in Campbellton and Edmundston stood at 9.2 and 10.3 per cent, respectively.

The average rent for a two-bedroom unit in New Brunswick stood at $746 in the spring of 2015. In Fredericton and Moncton, the average two-bedroom was higher than the provincial average at $824 and $768, respectively. In Saint John, the average two-bedroom rent was $717. The average two-bedroom rent in the province's smaller urban centres ranged between $527 and $616 per month.

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.

For more information, visit www.cmhc.ca or call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at CMHC Housing Market Information.

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.

Additional data is available upon request

(Ce document existe également en français)

To view the tables associated with this release, please visit the following link: http://media3.marketwire.com/docs/1012481e.pdf