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

Summerland reservoirs expected to fill, despite low snow levels

Snow measurements at two Summerland sites have been significantly lower than normal

VIDEO: Weekend weather for the Okanagan-Shuswap

A mix of rain, clouds and sun are expected for the Okanagan, Shuswap and Similkameen

EDITORIAL: Volunteers keep Keremeos community going

A community cannot function without volunteers

Keremeos foreman ready to retire after 27 years

Jordy Bosscha public works and parks foreman for the village is ready to put his feet up

Letter: Interior Health pharmacy decision impacts local business

They have had no discussion with the local pharmacies on why they are doing this

It was no Kentucky Derby: B.C. girls host foot-long snail race

Two Grade 3 students in White Rock put four snails to the test in a hotly-contested street race

Snow falling at Big White near season’s end

Big White is open until April 22

Man airlifted to hospital after apparent hunting incident in East Kootenay

The man was in stable condition when he was flown out of Fairmont Hot Springs to a Calgary hospital

Funds presented for Growing Woman’s Health Campaign

Summerland Shoppers Drug Mart presents cheque for event held last autumn

Police probe eight fires set at B.C. elementary school

Nanaimo RCMP say fires appear to have been set intentionally

Big stories begin with small suitcase in upcoming festival

Shuswap-Okanagan storytellers to open up at Festival of Mini Theatre in Salmon Arm

Letter: Writer hopes Alberta will turn off the tap, teach B.C. a lesson

So glad to see Jason Kenney get elected in Alberta and hope… Continue reading

Rain closes North Okanagan fields

Forecast calling for more rain Friday

Undercover cops don’t need warrant to email, text suspected child lurers: court

High court decision came Thursday in the case of Sean Patrick Mills of Newfoundland

Most Read