(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.

Just Posted

‘Waitress’ serves young Surrey actor a coveted role in musical on Vancouver stage

Cloverdale’s Kate Whiddington one of two girls chosen to play Lulu

Homicide investigators called in after man dies following ‘disturbance’ in Surrey

Surrey RCMP don’t believe the incident was random or connected to gang conflict

Event set to light up White Rock’s Memorial Park

Inaugural Festival of Lights will launch on Dec. 6

Surrey veteran talks about the emotional side of war

Reginald Wise served in the Royal Marines in WWII

PHOTOS: White Rock marks Remembrance Day

Hundreds of people gathered Monday morning to give thanks to veterans

VIDEO: Don Cherry says he was fired, not sorry for ‘Coach’s Corner’ poppy rant

Cherry denies he was singling out visible minorities with his comments

Brian Burke considered favourite to replace Don Cherry

Brian Burke is the 5-4 pick to be the full-time replacement next season

Major donor Peter Allard takes UBC to court to get his name on all law degrees

Philanthropist claims school not adhering to 2014 agreement for his $30-million donation

Environment Canada issuses snowfall warning for Okanagan

Snow is expected to be replaced with rain in the afternoon

Report predicts drug resistance likely to kill 400,000 Canadians by 2050

This increase is expected to cost Canada 396,000 lives, $120 billion in hospital expenses

Sportsnet fires Don Cherry after negative comments about immigrants

Don Cherry had said immigrants don’t wear poppies like other Canadians do

Trudeau’s new cabinet: Gender parity because it’s 2019? Or due to competence?

Prime Minister Justin Trudeau will soon appoint his new cabinet

Coquihalla drivers urged to be careful amid freezing rain alert

Special weather statement in effect for highways between Hope, Merritt, Kamloops and Kelowna

Most Read