(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.

Real estate

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

Just Posted

Surrey RCMP looking to identify Fleetwood robbery suspect

Alleged incident happened in the 15900-block of Fraser Highway, police say

PHOTOS: Sold-out Surrey party raises $1.35M in ‘Celebration of Care’ at hospital

Hollywood-style event attracted close to 700 people to Aria Convention Centre

Naked driver leads Langley, Surrey RCMP on hit and run spree

A Kelowna man has been charged with numerous offences

Surrey reduces cab business licence fees to match ride-hailing industry

Meantime, Surrey Board of Trade petition asks government to remove ‘archaic’ taxi boundaries

New book rounds up stories about landmark Surrey diner

Springenatic family marks 60 years of Round Up Café ownership

VIDEO: Feds warned agricultural sector near ‘tipping point’ due to blockades

Canadian Federation of Agriculture points to lack of propane and feed due to Coastal GasLink dispute

Fraser Valley couple wins $500K after finding scratch-and-win while moving

Robert Walters and Lois Gueret of Agassiz win half a million from Scrach & Win ticket

Six Wet’suwet’en supporters arrested during blockade of Vancouver port: police

This latest blockade had gone on for nearly 24 hours in support of Wet’suwet’en hereditary chiefs

‘Intemperate, insulting’: B.C. teacher reprimanded for online comments about religion

John William Yetman made the comments in response to a Facebook invitation to Open Mosque Day B.C.

High-risk sex offender, who triggered protests in Fraser Valley, back in court

Chilliwack residents wanted James Conway gone from residential neighbourhood two years ago

B.C. terminates contract with hospice society refusing assisted death

Delta Hospice Society loses hospital service fund of $1.5 million

UPDATE: 14 arrested at blocked rail line in northern B.C., police say

But a Gitxsan hereditary chief says 14 were arrested, as fight over natural gas pipeline continues

Hospital parking fees needed, but changes to payment system possible, health minister says

B.C. health minister Adrian Dix says hospital parking doesn’t need to be so stressful

Most Read