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

Pedestrian Bridge closure update

A section of the trail will be closed next week for rock hauling and removal.

Golden Collective brings Winty Fresh show to Rockwater

Live, local music at the Rockwater and an upcoming show will be something you won’t want to miss.

Infinity Solstice Bright Wizzard of Destiny CD release

A local musician is releasing a new CD and will be having a CD release event on November 30.

Golden man sues B.C. government to prove Bigfoot exists

Some call him crazy, others a genius. Now, local Todd Standing is receiving nationwide attention

Golden Rockets put up good effort in weekend losses.

The Rockets played two strong games and could be on track to finally get that second win.

VIDEO: Rare comic showing Superman’s 1st appearance to be auctioned

The 1938 comic features Superman hoisting a car over his head

An adopted cat is the best 10 pounds you’ll gain this season

BC SPCA encouraging families to add a forever feline friend during adoption event Nov. 24 to Dec. 3

Uber official says public needs to push for ridesharing in B.C.

Mike van Hemmen tells Kelowna Chamber of commerce ridesharing would be ‘win-win-win’

B.C. co-ops relieved with Ottawa’s housing strategy

Federal government to have a new co-operative housing funding model in place by 2020

B.C. NDP referendum plan sparks legislature battle

David Eby says public will decide on proportional referendum

Hammy has been freed of his threads, a purple antler remains

The iconic Prince Rupert buck with a piece of hammock attached to his antlers was caught by COs

Court adjourned again for man linked to Shuswap farm where human remains found

Curtis Sagmoen will appear back in court on Dec. 14

B.C. family advocating for drug decriminalization following death of son

Federal NDP leader Jagmeet Singh has noted the New Democrats would decriminalize personal possession of all drugs

Winning Lotto 6/49 purchased in Kelowna

Some lucky man or woman purchased a winning 6/49 ticket in Kelowna.

Most Read