B.C.’s rental vacancy rate increases to 1.3 per cent

Cities such as Victoria, Abbotsford, Kelowna and Vancouver still report vacancy rates of under one per cent.

Rental vacancy rates in B.C. remain lower despite a slight increase.

Rental vacancy rates remain low across the province despite a slight increase in 2016, according to the Canadian Mortgage and Housing Corporation.

The rate rose to 1.3 per cent this year, up from 1.2, according to a report released Monday, and that’s still more than two percentage points lower than the national rate of 3.4 per cent.

The report points to extremely low rental vacancy rates in Victoria, Abbotsford, Kelowna, Vancouver and Squamish, the latter of which reported a rate of zero per cent.

This year’s slight uptick was likely in response to large increases in private rental apartments in Vancouver, Fort St. John and Victoria. Vancouver added 922 units, while Fort St. John and Dawson Creek saw an sharp rise in rental units back on the market because of low oil prices and other energy sector slowdowns. Fort St. John and Dawson Creek also recorded the biggest drop in average rent prices, down 10.6 and 5.4  per cent respectively.

Rental rates swing upwards

The average monthly rent across the province hit $1,099 – up five per cent since 2015. That’s above 2016’s maximum increase of 2.3 per cent and is at least partially attributed to high turnover rates. The highest bumps in rent were seen in Williams Lake with 9.6 per cent, Chilliwack at 6.7 per cent and Vancouver at 6.4 per cent.

The rate varies slightly across suite size with vacancy for three- or more bedroom suites hitting two per cent, two-bedroom suites at 1.7 per cent, and bachelor and one-bedroom suites at 1.2 and 1.1 per cent, respectively. Average rates range between $925 for a bachelor to $1,379 for three or more bedrooms.

Port Alberni recorded the highest turnover rate in B.C. at 26.8 per cent, with Kamloops close behind at 25.9 per cent.

 

@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

 

Just Posted

Virus wipes out half the chum fry at hatchery

The number of chum in the river this year won’t be affected

Fundraiser kicks off in honour of missing Terrace man presumed dead

David Kim, 45, went missing April 7 between Terrace and Prince Rupert

DoK wants to have more say in SO2 monitoring

“The EEM is not static and was always designed for periodic review”

Kitimat RCMP ready to test for drivers under the influence of pot

“Like standardized field sobriety tests, drug recognition is observation-based.”

Winter road maintenance standards boosted

Quicker response times to be implemented

Shania Twain visits Canadian Armed Forces base in B.C.

Canadian country icon thanks members of CFB Esquimalt for their service

Countdown is on to the 2018 B.C. Summer Games

Cowichan Valley hosts on July 19-22

Driving Change: A B.C. man’s charitable trip across Canada

A Kelowna man, his bus, and his mission for positive change across our country

Case of teacher secretly filming teens reaches top court

Acquittal of teacher, Ryan Jarvis, who secretly videoed teens ‘dangerous,’ top court told

Why a 14-year-old will lead the charge at annual marijuana protest on the Hill

Marijuana enthusiasts have long been circling April 20 on their calendars as annual day of cannabis

B.C. communities await marine spill compensation years after incidents

The government maintains a Ship Source Oil Pollution Fund to compensate Canadians

RCMP say too early to know what happened in Broncos crash

RCMP Assistant Commissioner Curtis Zablocki said collission very complex

Conservative MP wants feds to close loophole for illegal border crossers

Immigration advocates call on government to suspend Canada-U.S. Safe Third Country Agreement

Alberta university criticized for honouring David Suzuki

University of Alberta plans to bestow environmentalist with honourary degree

Most Read