(Charleston’s TheDigitel/Flickr)

Vacancies remain low as rents rise in B.C.

B.C. has second lowest provincial vacancy rate in Canada

B.C. continues to have some of the lowest rental vacancy rates in the country, according to figures released Wednesday by the Canadian Mortgage and Housing Corporation.

The rental market report pegs the rate at 1.4 per cent, above only Prince Edward Island’s 0.3 per cent and below Ontario’s 1.8 per cent.

Both the Vancouver and Abbotsford-Mission census metropolitan areas have a vacancy rate of just one per cent.

Both cities are below Toronto at 1.1 per cent and Victoria at 1.2 per cent, but above Charlottetown, P.E.I., and Kingston, Ont., at 0.2 per cent and 0.6 per cent vacancy rates, respectively.

READ MORE: B.C. budget surplus projected to grow despite real estate, ICBC dips

READ MORE: B.C. asking for tips on ‘dirty money’ in horse racing, real estate, luxury cars

The corporation said B.C.’s vacancy rate went up slightly from 1.3 per cent last year to 1.4 per cent this year, but remained well below the two-year average of two per cent.

About one-quarter of B.C. municipalities still have a vacancy rate of under one per cent, although the rate of construction for purpose-built rentals went up slightly.

B.C. also has the highest average rent of all Canada’s provinces at $1,387 for a two-bedroom apartment, compared with $1,266 in Toronto and $1,215 in Alberta.

That’s an increase of 6.3 per cent in rent costs across B.C. in 2018, compared to a 5.8-per-cent increase the year prior.

Average rent across Canada for a two-bedroom apartment is $1,025.


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Real estate

Just Posted

Interior Health officials outline pandemic response in virtual town hall

Kelowna-Lake County MLA Norm Letnick moderates digital discussion, Q&A with Interior Health leadership

Hospital’s Chief of Staff asks residents for help containing COVID-19

Invermere & District Hospital Chief of Staff says COVID-19 cases here, caution and care needed

MP Morrison touts non-partisan effort to provide relief amid COVID-19 pandemic

The federal government has announced a slew of economic initiatives for those impacted by the pandemic

Burning restrictions to lower risk for COVID-19

Province issues burning restrictions to help everyone breathe easier

B.C. COVID-19 contact restrictions working, Dr. Bonnie Henry says

’Not out of the woods yet’ as next two weeks are critical

Trudeau announces 75% wage subsidy for small businesses amid COVID-19

This is up from the previously announced 10 per cent wage subsidy

Morning world update: Cases surge past 600,000; positive news in Germany

Spain suffers its deadliest day as Germany considers April 20 to possibly loosen restrictions

VIDEO: Penguins roam empty halls of Vancouver Aquarium

COVID-19 has forced the Vancouver Aquarium to close access to guests – leaving room for its residents

Kids get back to learning in B.C., online

Ministry of Education rolls out new tool for school

67 more B.C. COVID-19 cases, two more deaths in Vancouver region

Positive tests found in Surrey, Langley long-term care facilities

‘Now is not the time to bag that peak’: BCSAR manager discourages risky outdoor adventures

Call volumes are not going down, even as the COVID-19 pandemic persists

Food Banks BC already seeing surge in demand due to COVID-19 pandemic

Executive director Laura Lansink said they expect applications will keep increasing

Nanaimo couple caught aboard cruise ship with four dead and COVID-19 present

Four ‘older guests’ have died on Holland America’s Zaandam; cruise line confirms two COVID-19 cases

Frontline workers receiving COVID-19 isolation exemptions prompt concerns

Provincial Health Authority staff exempt from self-isolation upon return from international travel

Most Read