December 9, 2010 - According to Canada Mortgage and Housing Corporation (CMHC), the average rental apartment vacancy rate in urban British Columbia centres edged lower to 2.7 per cent in October 2010, compared to 2.8 per cent in October 2009.
“Although the rental vacancy rate increased in more than half of the centres surveyed, lower vacancy rates in the other 12 centres, including the Vancouver Census Metropolitan Area, pushed the provincial average lower,” noted Carol Frketich, CMHC’s BC Regional Economist. “Strong migration flows and fewer first-time homebuyers shifting tenure from rental to homeownership pushed the vacancy rate lower,” she added.
Stable demand and increased supply from the secondary rental market slowed the increase in rents among all bedroom types. The estimated increase in same sample apartment rents for units common to both the October 2009 survey and the October 2010 survey, was 2.3 per cent, down from 2.8 per cent a year ago.
As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making vital decisions.