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

All three victims identified in Fernie arena ammonia leak

Wayne Hornquist and Lloyd Smith were from Fernie and Jason Podloski from Turner Valley, Alta

VIDEO: Three workers identified as victims of Fernie ammonia leak

A local state of emergency will remain in effect until Oct. 24 after the leak at the ice rink

Fire department looks to attract new members

Grand Forks Fire/Rescue is recruiting.

BREAKING: Three fatalities confirmed at Fernie Memorial Arena

Emergency crews responded to the arena after reports came in of an ammonia leak

The Gazette and CBAL reach readers next week.

October is Reach a Reader month.

Great Shakeout earthquake drill happening at 10:19 a.m.

Worldwide event has become an annual practice set for the third Thursday every October

Surf group winning the war on plastic bags

The Tofino Co-op will no longer provide plastic bags, following in the footsteps of the Ucluelet location that already made the change earlier this year.

B.C. woman plagued by bedbugs on airplane not surprising, says expert

Heather Szilagyi was on a British Airways flight when she noticed bedbugs crawling out of the seat

4 B.C. prisons install body scanners to combat drug smuggling

The scanners are aimed to combat the smuggling of contraband including weapons and drugs

Outspoken Mountie assigned to admin duties for refusing to shave goatee

The 15-year veteran of the force said he believes the RCMP is targeting him

Victim in fatal ammonia leak remembered for his passion and smile

Friends and colleagues remember Lloyd Smith as someone who was always willing to help people

VIDEO: Working with Paul McCartney ‘an out of this world musical experience’

B.C. pipe band member shares memories of recording 1977 U.K. hit ‘Mull of Kintyre’

Changes coming to FOI rules, B.C. minister says

Jinny Sims looking at 72-hour public release policy

Refrigeration mechanics students grapple with Fernie’s deadly leak

‘Something happened that created an immediate danger, and these guys were in the middle’: instructor

Most Read