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

Stoked on science: Resolve for your resolutions

Jade Harvey Guest columnist As we progress further into January and the… Continue reading

Super blood wolf moon fills Okanagan skies, to photographers’ delight

Photographers had a rare chance Sunday to capture a rare lunar eclipse

2019 Budget: Revelstoke city staff recommending a five per cent property tax increase

Additional options that would expand services total another six per cent

Revelstoke Secondary School enthralls the audience with Trap

With a twist ending that had audience members laughing, perhaps uncomfortably, the… Continue reading

Okanagan Military Tattoo returns

Performances July 28 and July 28

UPDATE: B.C. legislature managers accused of excessive travel, personal expense claims

Speaker Darryl Plecas’ report details ‘flagrant overspending’

‘Blue Monday’ isn’t real, but depression can be

CMHA encourages people to prioritize their mental health

Anti-pipeline group wants NEB to consider impact of emissions, climate change

Stand.earth filed NEB motion asking to apply same standard to the project as it did with Energy East pipeline

Parole granted for drunk driver who killed B.C. RCMP officer

Kenneth Jacob Fenton will be able to attend alcohol abuse treatment, nearly three years after crash that killed Const. Sarah Beckett

B.C. man charged in 2014 snake venom death of toddler

Henry Thomas was taking care of the North Vancouver girl the day before she died

B.C.’s largest public-sector union wants inquiry into money laundering, drugs

Union officials say Premier John Horgan and Attorney General David Eby have not ruled out the possibility of a public inquiry

Teen in confrontation with Native American: I didn’t provoke

Nick Sandmann of Covington Catholic High School said he was trying to defuse the situation

Former Kelowna city manager downplays possible Costco move

Ron Mattiussi says if store leaves for Westside, another big box retailer will likely take the site

Most Read