Apartment vacancy rate decreased in 2007

    CHARLOTTETOWN, PEI, Dec. 13 /CNW/ - Results from Canada Mortgage and
Housing Corporation's 2007 Rental Market Survey, which was conducted during
the first two weeks of October, indicated that the vacancy rates in both
Summerside and Charlottetown decreased over the past twelve months.
    "Lower levels of rental construction in both of the Island's urban
centres over the past few years have resulted in fewer vacancies" said Jason
Beaton, Market Analyst with CMHC in Prince Edward Island. In October 2007, the
vacancy rate in Charlottetown fell to 4.3 per cent from 4.8 per cent a year
ago. The vacancy rate in Summerside decreased substantially to 3.2 per cent
from 7.8 per cent last October.
    Overall, average same-sample rents in all Prince Edward Island's urban
areas experienced a moderate 1.0 per cent year to year increase in 2007. In
the Charlottetown area, the increase was 1.3 per cent.
    The overall availability rate in Prince Edward Island's urban centres
declined to 5.6 per cent in 2007, compared to 7.0 per cent last year. The
availability rate declined in both of the province's urban centres. The
availability rate in Charlottetown declined to 6.0 per cent from 6.8 per cent,
while Summerside recorded a more dramatic decline with the availability rate
falling to 3.5 per cent from 8.0 per cent.

    (Ce document existe également en français.)

For further information:

For further information: Jason Beaton, Market Analyst, Prince Edward
Island, (506) 851-6047

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