P.E.I. apartment vacancy rate hits record low - Action News
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PEI

P.E.I. apartment vacancy rate hits record low

Looking for a bachelor apartment on P.E.I.? Try the other side of Confederation Bridge.

Vacancy rate in Charlottetown also at record low

Signs like these are hard to locate in Charlottetown. (CBC)

Looking for a bachelor apartment on P.E.I.? Try the other side of Confederation Bridge.

A report from Canada Mortgage and Housing Corporation released on Tuesday says the Island's apartment vacancy rate has fallen to a record low of 1.2 per cent, including a zero per cent vacancy rate for bachelor apartments.

Tuesday's report provides a detailed look at the apartment rental markets on P.E.I., including a separate look at Charlottetown and Summerside.

Immigration drove the vacancy rate in the capital below even the historically-low provincial rate.

Apartment vacancy rates
2016 2017
P.E.I. 2.1% 1.2%
Charlottetown 1.7% 0.9%
Summerside 4.1% 2.5%

"About 90 per centof the 1,710 people who immigrated to P.E.I. [in 2017] to the end of August, settled in Charlottetown," the report reads.

Further pressure is being added to the Charlottetown market by seniors looking to downsize and a lack of new supply. Only about 100 apartments were added in Charlottetown in the last year, for a total of 5,138.

In Summerside, where townhouses make up 40 per cent of the rental market, the vacancy rate in those townhouses is zero per cent.