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

Mt. Begbie Brewing opens new tasting room

Following a record breaking year and a number of awards, Mt. Begbie Brewing opens a new tasting room

Mamas for Mamas founder survives with new lease on life

Kelowna’s Shannon Christensen escaped a dangerous situation and lived to tell about it

BC Liberal leadership hopeful Michael Lee stops in Revelstoke

Lee’s visit comes less than a week before the BC Liberal’s final leadership debate

Accused Shuswap drug smuggler pleads not guilty in U.S. court

Colin Martin continues to fight allegations relating to cross-border drug smuggling operation

Interior Health managers voice discontent

Negative comments about work culture aimed at CEO Chris Mazurkewich.

REPLAY: B.C. this week in video

In case you missed it, here’s a look at replay-worthy highlights from across the province this week

VIDEO: Dramatic video shows return of B.C. snowboarders

Two snowboarders were rescued near Rossland, B.C. on Sunday after being lost overnight.

Tom Brady leads Patriots back to Super Bowl, top Jaguars 24-20

New England to face winner of Sunday night’s game between Minnesota and Philadelphia on Feb. 4

PHOTOS: Revy Stomp transforms community centre

On Saturday night the Selkirk Saddle Club proved it’s far more than just a one-trick pony

Coquihalla drivers prepare for snow

Wintry conditions persist, with snow warnings for Coquihalla

Tychonik continues scoring run

Vees chalk up another win with Pink in the Rink

PHOTOS: Rail Jam at Revelstoke Mountain Resort

On Saturday night RMR held a killer rail jam at the base of the ski hill

Liberals quietly tap experts to write new paternity leave rules

Ideas include creating an entirely new leave benefit similar to one that exists in Quebec

Insurers say Canadian weather getting hotter, wetter and weirder

Average number of days with heavy rain or snow across Canada has been outside norm since spring 2013

Most Read