MONCTON, NB, Dec. 13 /CNW/ - According to the Rental Market Survey
released today by Canada Mortgage and Housing Corporation (CMHC), the vacancy
rate declined in six of the province's seven urban areas, with Fredericton
being the only exception. "Stable rental unit demand during the past year has
led to declining vacancy rates" said Claude Gautreau, Senior Market Analyst
with CMHC in New Brunswick.
Although Saint John and Moncton experienced a similar decline, the
vacancy rate in Moncton, at 4.3 per cent was lower than Saint John's vacancy
rate of 5.2 per cent. In Fredericton, the vacancy rate increased by 1.7 per
cent in 2007. Two bedroom units, account for more than half of the rental
universe in the province's three major urban centres. Fluctuations in the two
bedroom vacancy rate mirrored the changes in the overall rate with declines
reported in Saint John and Moncton as well as an increase in Fredericton.
In all four of New Brunswick's smaller urban centres, the vacancy rate
declined during the past 12 months. The lowest vacancy rate in the province --
1.2 per cent - was recorded in Miramichi, while the highest vacancy rate in
the province was in Edmundston at 8.2 per cent. The largest year-over-year
decline occurred in Cambellton, where the vacancy rate fell by 4.7 percentage
points to 4.9 per cent as supply achieved a more sustainable balance to
demand. In Edmundston and Bathurst, the changes in the local vacancy rate were
moderate with declines of 1.6 per cent and 0.7 per cent, respectively. "In the
province's four small CA's, the lack of growth in the local rental universe
due to limited rental unit construction translated into declining vacancy
rates", continued Gautreau.
Overall, average same-sample rents in all of New Brunswick's urban areas
experienced a moderate 2.1 per cent year to year increase in 2007. Among the
individual centres, the average same-sample rent increases varied from a low
of 1.3 per cent in Edmundston to a high of 3.1 per cent in Saint John.
The overall availability rate in New Brunswick's urban centres declined
in 2007, down to 6.1 per cent compared to 6.7 per cent last year's level. The
availability rate declined in all of the province's urban centres except for
Fredericton, where the rate increased by 2.0 per cent. The decline in the six
other urban areas ranged from a low of 0.5 per cent in Moncton to a high of
5.6 per cent in Campbellton.
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For further information:
For further information: Claude Gautreau, Senior Market Analyst, New
Brunswick, (506) 851-2742