text: Halifax, representing 45% of Killam’s apartment NOI, ended the year with 96.0% occupancy compared to 96.6% at year‑end 2012. CMHC 
  reported vacancy of 3.2% in Halifax in October for its Fall 2013 Rental Market Report, compared to Killam’s vacancy of 2.7% for October. 
  Competition has increased in Halifax due to new supply with rental construction levels above the ten‑year annual average of 760 units per year, 
  for the last three years, including apartment starts of 1,565, 1,437 and 1,258 in 2011, 2012 and 2013, respectively (as reported by CMHC). CMHC 
  expects new starts to stay above the 10‑year average into 2014 and throughout 2015 and 2016. Offsetting new supply is positive net‑migration 
  leading to population growth and increasing demand for rental units from an aging population that is transitioning away from home ownership 
  and into the rental market. The population of Halifax grew by 4.7% (18,000 people) from 2006 to 2011, as reported by Statistics Canada. Despite 
  increased rental supply in the city, Killam continues to achieve rental rate growth, with average rents for same store properties located in Halifax 
  up 1.8% over the last year. Same store revenue was up 1.7% year‑over‑year. The improved top‑line growth in Halifax reflects the marketing and 
  leasing changes and the quality and central locations of Killam’s apartment portfolio. 