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P.E.I. apartment vacancy rate eases but still low, tied for worst in Canada

When it comes to the rental vacancy rate, Prince Edward Island is tied with Nova Scotia for the lowest in the country, meaning there are fewer choices for people seeking a home than in other parts of Canada. (CBC - image credit)
When it comes to the rental vacancy rate, Prince Edward Island is tied with Nova Scotia for the lowest in the country, meaning there are fewer choices for people seeking a home than in other parts of Canada. (CBC - image credit)

The vacancy rate for apartments on P.E.I. was up a little in 2023, according to numbers released Wednesday by the Canada Mortgage and Housing Corporation — meaning a slight easing in the difficulty of finding a home to rent for some parts of the Island.

The rate rose from 0.8 per cent in 2022 to 1.1 per cent. The rate is based on an annual survey done by CMHC every October.

The 1.1 per cent vacancy rate is tied with Nova Scotia for the lowest in the country. Nationally, the vacancy rate was 1.5 per cent.

The market was tighter in Charlottetown, at 0.5 per cent. Among more than 50 communities surveyed by CMHC, only Trois-Rivières had a lower rate than P.E.I.'s capital city.

While there were more apartments available on the Island last year, rents were on the rise.

In 2022, the average rent was $1,041. Last year, including newly opened apartments, the average rent rose to $1,130, an increase of 8.5 per cent.