I'm not surprised the Spring 2009 Rental Market Report by the Canada Mortgage and Housing Corporation reveals the vacancy rate in the Moncton CMA fell by 1.4 percentage points from last Spring to 4.1% this year. This vacancy rate decline occurred even though the rental universe grew by 1.3% from the Spring of 2008.

In my January post - Buyers Seem to be Waiting - I stated that buyers seemed to be waiting and renters were under no pressure to purchase. The year to date residential sales numbers seem to reflect this trend. Up until now it seems the First-Time Home Buyer Incentive announced in January's Federal Budget has not motivated many to leave their rental accommodations.

Below is a graphic from the CMHC report.