BC Rental Vacancy Rate Edged Lower
According to Canada Mortgage and Housing Corporation (CMHC), the average rental apartment vacancy rate in urban BC centres edged lower to 2.7% in October 2010, compared to 2.8% 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.”
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%, down from 2.8% a year ago.
For the complete BC Rental Market Report from CMHC for Fall 2010, please click here.