Vacancy rates drop to 0.8 per cent in Lower Mainland

Rents climb as demand for Metro Vancouver apartments outstrips supply

Rental vacancy rates have decreased to an average of 0.8 per cent across Metro Vancouver

It’s become tougher to find an apartment if you’re a renter.

The apartment vacancy rate in Metro Vancouver dropped to 0.8 per cent in October, the lowest level since 2008, according to a new report from the Canada Mortgage and Housing Corp.

That’s a slight decrease from 1.0 per cent a year earlier, and it’s been an even steeper drop from 3.1 to 0.8 per cent in the Abbotsford-Mission area.

Within Metro, vacancy rates were lower still in Vancouver – which had a rate of 0.6 per cent – as well as UBC, the North Shore and South Delta.

South of the Fraser, the vacancy rates were 1.9 per cent in Surrey and 1.5 per cent in Langley.

The rates decreased by at least one percentage point in Langley, Pitt Meadows/Maple Ridge and Delta.

The report cites population growth as a prime factor in the tightening rental market, as increased demand outpaces the construction of new units.

Rising home prices in many markets may have deterred or delayed the home buying plans of some renters, keeping downward pressure on rental vacancy rates.

“Continued price gains in the resale market have kept tenants in the rental market longer,” the report said.

The average two-bedroom apartment now rents for $1,368 in Metro Vancouver, up from $1,311 a year earlier. In the Abbotsford-Mission area, two-bedroom rents are up to $864 from $835 a year ago.

Landlords are charging higher rents when units turnover, CMHC said, and the strong demand may also be allowing them to impose the maximum allowed rent increases on existing tenants.

Rents vary widely across the region – the report notes average rents in Surrey are $359 lower than in the City of Vancouver.

“The Abbotsford area, like much of the suburban area of Vancouver, is also becoming more desirable for its lower housing costs and strategic location,” the CMHC report said.

“While most residents of Abbotsford City stay in the region to work, there are a number of commuting options, including the relatively new Port Mann Bridge, which helps to reduce commute time to the west side of the Lower Mainland.”

Just Posted

Fraser Surrey Docks mechanic dies on the job

‘This is a very sad day - a worker went to his job this morning and didn’t go home’

Man arrested in Maple Ridge in connection with Victoria-area murder

Daniel Creagh faces second-degree murder charge in death of Joseph Gauthier

PHOTOS: Canada Cup action continues at Softball City

The Futures Gold final is scheduled for 3:30 p.m. Sunday at Softball City’s diamond No. 1

All-Indigenous teams break new ground, making BC Games history

This is the first time there have been dedicated Indigenous teams at the BC Summer Games

The Northern Secwepemc te Qelmucw people signed an agreement-in-principle with the B.C. government

The signing ceremony, at the Eliza Archie Memorial School, was 25 years in the making

Ping-pong balls of fire dropped to merge two B.C. wildfires

The merger is considered successful by BC Wildfire Services

Canada to resettle dozens of White Helmets and their families from Syria

There are fears the volunteers would become a target for government troops

Francesco Molinari wins British Open at Carnoustie

It is his first win at a major and the first by an Italian

Government sets full-time salary range for Justin Trudeau’s nanny

At its top range, the order works out to a rate of $21.79 per hour, assuming a 40-hour work week

Trio overcomes adversity at the BC Games

Zone 4 girl’s 3x3 basketball team fought through injuries and conflicting schedules

Recovery high schools could help teens before addiction takes hold: B.C. parents

Schools could provide mental health supports and let parents discuss their children’s drug use openly

Haida Gwaii village faces housing crisis, targets short-term rentals

Housing is tight and the village is pretty close to zero vacancy

Most Read