Vacancy rates mixed throughout province: CMHC

Staff ~ The Telegram
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The results of the April rental market survey released today by Canada Mortgage and Housing Corporation (CMHC) has indicated that vacancy rates for private apartment structures containing three or more units were mixed throughout the province in all centres surveyed.
According to a news release, the combined total vacancy rate was 1.1 per cent, with 58 of the 5,170 units surveyed sitting vacant. This represents a reduction of 0.9 percentage points from last April's rate of 2.0 per cent.
The St. John's area rental market posted a vacancy rate of 1.1 per cent compared to 2.2 per cent last April, with 39 units vacant out of the 3,575 units surveyed.
"With the local labour market remaining healthy, population growth will continue to create rental demand and hold vacancy rates low within the region," said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. "Higher homeownership costs and strong economic conditions are creating demand for rental units. This, coupled with limited new rental supply being added to the market, is contributing to the low vacancy rates."
The Gander area saw the lowest vacancy rate in the province at a 0.6 per cent in the April survey. Other centres surveyed recorded the following vacancy rates: the Corner Brook area increased to 0.8 per cent from 0.4 per cent last year, the Grand Falls-Windsor area came in at 2.3 per cent compared to 1.3 per cent a year ago.

Organizations: Canada Mortgage and Housing Corporation

Geographic location: St. John's, Newfoundland and Labrador, Gander Corner Brook

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