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

Woman found dead in Okanagan Lake identified as Surrey resident

Police ‘do not believe criminality was involved’ in the death of 29-year-old Caitlin Bradley

COLUMN: Delta residents and businesses can help make a difference

Delta police chief Neil Dubord writes about the power of crowd-sourcing

North Delta crime beat, week of April 7

A selection of property crimes submitted weekly by the Delta Police Department

Students run blood, stem cell donor drive at Surrey’s Vaisakhi Parade

Volunteer youth group One Blood for Life aims to create a more ethnically diverse stem cell registry

Easter bombings a response to New Zealand attacks, says Sri Lanka minister

The Islamic State group asserted it was responsible for the nine bombings

New commemorative loonie marking ‘progress’ for LGBTQ2 people to be unveiled today

But advocates say it mistakenly suggests equality has been achieved largely as a result of government actions

B.C. VIEWS: NDP’s lawyer show is turning into a horror movie

Court actions pile up over pipelines, car insurance, care aides

Anti-SOGI activist slams ban on B.C. dad speaking out about transgender son’s case

A judge has told the father to stop publicly objecting to his son’s gender

PHOTOS: Green Party Leader Elizabeth May says ‘I do’ on Earth Day

May and John Kidder got married Monday morning in Victoria

Victims injured in Lower Mainland deck collapse ranged from 15 to 83 years old

Victim Services staff have reached out to those hurt and their families

‘Ghost restaurants’ cooked up by Joseph Richard Group to meet demand of delivered food

The new Meal Ticket Brands venture aims to ‘disrupt’ the local restaurant industry

Sri Lanka invokes war-time military powers after nearly 300 killed in Easter bombings

Sri Lanka’s minister of tourism says 39 foreign tourists were killed in the Easter Sunday attacks

Torched SUV linked to Vancouver’s fourth homicide

Manoj Kumar, 30, was found dead from gunshot wounds in the Kitsilano neighbourhood

Most Read