(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

Abbotsford International Airport headed toward major passenger milestone

Mayor predicts YXX will see one millionth passenger at end of December

Mouat grad Irons heading to Grey Cup

Former Hawks star and the Hamilton Tiger-Cats challenging Winnipeg on Sunday

VIDEO: West Coast Christmas Show in Abbotsford

Highlights from the annual event at Tradex

Langley crash slowing westbound Highway 1 traffic

Crash occurred just past 200th Street around 5:45 a.m.

Check out Abbotsford’s top 15 attractions, according to Trip Advisor

Mill Lake tops the list of things to seen and do, according to travellers’ rankings

Bye bye Bei Bei: Giant panda born in U.S. zoo heads to China

Panda heads back to China as part of cooperative breeding program

Bidders down, costs up for Highway 1, B.C. independent contractors say

Rally protests NDP government’s union-only public construction

Members of little people community applaud change to drop ‘midget’ term

‘It’s not about sensitivity,’ says Allan Redford, the president of the Little People of Canada

‘Police incident’ leads Squamish RCMP to ask public to leave Stawamus Chief

People were told to expected a ‘noted police presence’

Little progress in preventing sudden infant deaths since last report: BC Coroner

Coroners panel studied 141 sleep-related sudden infant deaths between 2013 and 2018

B.C.’s ‘Dr. Frankenstein of guns’ back in jail yet again for trafficking in Glock parts

Bradley Michael Friesen has parole revoked for allegedly importing gun parts yet again

B.C. woman suing after laser hair removal leaves her with ‘severe’ burns, scarring

Nadeau felt ‘far more pain’ than usual during the treatment

Union to prepare for picket lines, announce new measures in transit strike escalation

Unifor said the move comes after a ‘failure by the employer to make new offers at the bargaining table’

$2.9 million judgment in B.C. blueberry farm sabotage lawsuit

The new owners saw most of their farm ruined just as they took possession

Most Read