(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.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Shoot the Moon pub passes public hearing stage

Rod Alsop and Jon Ludtke’s proposed pub is one step closer after a packed public hearing

Nanaimo-Ladysmith MP visits Wet’suwet’en camps, calls for Coastal GasLink pipeline to be ‘revisited’

Paul Manly met with Wet’suwet’en hereditary chiefs and the RCMP to talk about the ongoing situation

BREAKING: LSS evacuated after reports of ‘gas smell’

Students were evacuated to Frank Jameson Community Centre, but have since returned to class

Successful end to search for kayakers along the Chemainus River

Father and son located tired and cold, but otherwise OK

Ladysmith Art Council announces new Poet in Residence

John Edwards will serve as the inaugural Poet in Residence

VIDEO: Rare ‘ice circle’ spotted on Kamloops river

An ice circle or ice pan, has formed in the chilly waters just east of the Yellowhead Bridge

Uber, Lyft approved for ride-hailing in Lower Mainland

Kater Technologies Inc.’s application was rejected

B.C. man rescued after getting trapped headfirst in well as water level rose

The rescue involved crews from Oak Bay and Saanich

Investigators in wildfire-torn Australia head to site of B.C. airtanker crash

The B.C. government sends condolences to Port Alberni-owned Coulson Aviation

RCMP investigating sexual allegation against Lower Mainland police officer

Delta officer suspended while the alleged off-duty incident involving a co-worker is investigated

Former Mountie, sports coach convicted of sex abuse in B.C. granted day parole

Alan Davidson was sentenced to almost six years for abusing seven boys in the late 1970s and early 1990s

VIDEO: Person in wheelchair narrowly avoids collision with car in Kelowna

There were no injuries in the scary looking near-accident last week in Rutland

Here’s what Canada is doing to stop the coronavirus from getting in

Health officials are monitoring multiple possible cases in Canada

Most Read