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

Surrey RCMP raises Pride flag Monday amid din of protesters

There were about 30 protesters on either side, and 20 Mounties doing crowd control

City of White Rock, SFN reaffirm close ties

National Indigenous Peoples Day celebrated on June 21

GUEST COLUMN: Looks like TransLink aims to ‘short-circuit’ plan for rail service on Interurban corridor

‘We are not going away,’ writes Rick Green, of South Fraser Community Rail Group

UPDATE: ‘Shots fired’ report in Cloverdale neighbourhood was likely fireworks, say RCMP

Surrounding neighbourhood evacuated, street closed in both directions as officers investigated

Swansong Ride2Survive raises $1M-plus in single-day cycle from Kelowna to Delta

Saturday’s ride was the 15th and final fundraiser of its kind for North Delta-based charity event

Video shows fireworks shot at swan in Alberta

Alberta Fish and Wildlife is investigating the incident in Grande Prairie

Grey-haired bank robber hit with dye pack in Langley heist

Police are looking for an older man who may be stained with dye

‘Text neck’ causing bone spurs to grow from millennials’ skulls, researchers say

Technology use from early childhood causing abnormal bone growths in 41 per cent of young adults

B.C. teen killed by fallen tree on field trip remembered as hero

13-year-old Tai Caverhill was the first to spot the tree falling and warned his friends

Should B.C. get rid of Daylight Saving Time?

The province wants to know, as state governments down south make the move

Air Canada reviewing how crew left sleeping passenger on parked plane

In a Facebook post, the woman said she woke up ‘all alone’ on a ‘cold dark’ aircraft

Canadians crash out of Women’s World Cup in 0-1 loss to Sweden

Canada missed a chance to tie the game on a penalty shot

New Lower Mainland bistro caters to board game fans and families

Local food and games at every table is the formula for the new business

Four-year-old boy assaulted at B.C. soccer game

It happened at a weekend tournament in Ashcroft

Most Read