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

Silver City soccer starts

Pople Park was flooded with boys and girls when Trail Youth Soccer began on Tuesday

What you see …

If you have a recent photo to share email editor@trailtimes.ca

Watching weather on the 570 line

For forecasters, it’s a sure sign that hot weather is here

Trail Harmony Choir on stage Saturday

Events in the Trail area for the week of April 26 to May 3

Flying high in Montrose

Clear skies were the perfect back drop for a day out in the Beaver Valley Skatepark

VIDEO: B.C. ‘escapologist’ stuns judges on Britain’s Got Talent

Matt Johnson says televised water stunt was closest he’s come to death

Province issues flood warning for BC Interior

Melting snowpacks could cause higher streamflows in regional rivers and tributaries.

B.C. hires 20 more conservation officers

The province announces 12 new locations for conservation officer services this year

B.C. pharmacist pleads guilty to animal cruelty charge

Joelle Mbamy was handed $1k fine, on top of $5k fine already imposed, and 10-year animal prohibition

‘N’ driver in McLaren caught going 70 km/hr in playground zone

Vancouver police said the driver was fined $368 and the luxury car impounded for seven days

Dr. LipJob ordered to stop doing botox and other medical procedures

Rajdeep Kaur Khakh ordered to stop unlawful practice of medicine

B.C. to prevent for-profit blood, plasma collection

Voluntary Blood Donations Act would make it illegal to pay for blood, plasma donations

Bill Cosby guilty in sexual assault case

Comedian convicted of drugging and molesting a woman

B.C. legislates recreational marijuana sales

Age limit 19, province retains wholesale cannabis monopoly

Most Read