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

Snowfall warning for Kootenay and Paulson passes

Up to 30 cm expected in mountain passes Saturday and Sunday.

Music at the Hangar

On Sunday November 17 at 2 p.m., the Golden Seniors Centre will… Continue reading

Moose tests positive for Chronic Wasting Disease in northwest Montana

This is the first time the disease has been detected in the species in Montana

BCTF rejects mediator’s recommendations for settlement

Negotiations between B.C. teachers and the province will continue

Kicking Horse Canyon Project Phase 4 team presents highway closure plan to Golden

By Keri Sculland With files from The Golden Star Golden residents had… Continue reading

Teen with cancer whose viral video urged Canadians to vote has died, uncle tweets

Maddison Yetman had been looking forward to voting in her first federal election since junior high school

B.C. woman ordered to return dog to ex-boyfriend for $2,000

After the two broke up, documents state, they agree to share custody of the dog, named Harlen

Abbotsford police chief mulls more enforcement of homeless lawbreakers

‘When all else has failed we have to hold people accountable,’ Police Chief Mike Serr tells council

Government needs to step up to address $10M RCMP budget deficit: Morrison

Kootenay-Columbia MP Rob Morrison says governments need to ensure rural communities are protected

Striking Vancouver hotel workers, employer reach ‘tentative’ agreement

Employees of the Rosewood Hotel Georgia have been out at picket lines since talks broke off on Sept. 21

RCMP cut free activists chained to Kelowna bank, placed under arrest

The group is protesting Interior Savings Credit Union’s support of Kelowna Ribfest

Cold, stormy winter forecast across much of Canada, The Weather Network predicts

In British Columbia temperatures will be slightly above normal and precipitation will be just below normal

Cell phone tickets worse tax grab than speed limits, SenseBC says

Distracted driving statistics questioned as B.C. tickets pile up

Rowing Canada, UVic investigate celebrated coach for harassment, abuse

Lily Copeland says she felt intimidated and trapped by Williams

Most Read