Strong Demand for Rental Apartments in Halifax



    HALIFAX, Dec. 13 /CNW Telbec/ - Results of Canada Mortgage and Housing
Corporation's 2007 Rental Market Survey, which was conducted during the first
two weeks of October, indicated that vacancy rates in most urban centres
across Nova Scotia edged downward in 2007. According to data released today by
Canada Mortgage and Housing Corporation (CMHC), the rental apartment vacancy
rate in the Halifax Census Metropolitan Area dipped to 3.1 per cent this year
after rising to 3.2 per cent last year.
    "Strong employment and rising home prices for both new and existing homes
have contributed to sustained demand for rental units," said Matthew Gilmore,
Senior Market Analyst with CMHC's Atlantic Business Centre. "In addition,
demographic and lifestyle changes resulting in smaller households have
increased demand for smaller homes and rental apartments," added Gilmore.
"These demand factors have resulted in a decline in the vacancy rate in 2007
and rent increases that outpaced the rate of inflation," he added.
    Among the four largest urban areas of the province outside Halifax, the
rental apartment vacancy rate dropped to 3.9 per cent in Cape Breton and to
3.1 per cent in Truro, while the vacancy rate climbed to 3.8 per cent in New
Glasgow and remained unchanged at 5.1 per cent in Kentville. Truro's average
rent for two-bedroom units was $676. Kentville and Cape Breton posted average
monthly rents of $585 and $596 respectively while New Glasgow established the
lowest average rent among Nova Scotia's urban centres at $577 per month.
    For the first time, the CMHC survey included information on the secondary
rental market in Halifax. The overall average rent of the more than 15,000
secondary rental units was $731 per month with single-detached units renting
for an average of $798 per month.

    Canada Mortgage and Housing Corporation (CMHC) has been Canada's national
housing agency for over 60 years. CMHC contributes to improving the living
conditions and the well-being of Canadians through four areas of housing
activities - housing finance, assisted housing, research and information
transfer, and export promotion. CMHC is committed to helping Canadians access
a wide choice of quality, affordable homes, and making vibrant and sustainable
communities and cities a reality across the country.

    For more information, visit www.cmhc.ca or call 1 800 668-2642.




For further information:

For further information: Matthew Gilmore, Senior Market Analyst, (902)
426-4686


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