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

VIDEO: This is what buying legal pot in B.C. looks like

Take a look inside B.C.’s first and only legal pot shop located in Kamloops

Endoscopy Campaign wraps up at Kootenay Boundary Regional Hospital

The KBRH Health Foundation recently held a donor ceremony for contributors to its $450,000 tally

10 things still illegal in the new age of recreational cannabis

Pot is legal – but there are still a lot of rules, and breaking some could leave you in jail

‘Police are ready’ for legal pot, say Canadian chiefs

But Canadians won’t see major policing changes as pot becomes legal

Elections 2018: Meet your Grand Forks Council Candidates

The biographies of the 13 candidates for City of Grand Forks council

Mellow opening to B.C.’s only legal pot shop

About five people lined up early for the opening of the BC Cannabis Store in Kamloops.

Nova Scotia works to stop underage online cannabis sales

The government cannabis retailer moves to prevent workaround of online-age verification

Carr, Morneau off to China next month to deepen commerce

Carr says Canada and China aren’t embarking on formal free trade talks

Edmonton girl guide sells out of cookies in front of cannabis store

On the first day cannabis was legal a young entrepreneur capitalized on cookie sales

Tougher laws introduced against bestiality, animal fighting

The Liberal government is proposing to strengthen the laws today

Openly gay, female priest of B.C. church defying norms

Andrea Brennan serves Fernie at pivotal time in church’s history

Money Monitor: Should you switch to a fixed-rate mortgage?

BMO’s Omar Abouzaher outlines the pros and cons of both types of mortgages

Earth still moving in Old Fort, B.C., but not above homes: geologists

Transportation Ministry crews are ready to start work on the Old Fort road

Around the BCHL: Youth trumps experience for Chilliwack and Salmon Arm

Around the BCHL is a look at goings-on in the BCHL and the junior A world.

Most Read