(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

Climbers scale Canada’s tallest waterfall in the Alberni Valley

Ice climbers Chris Jensen, Will Gadd and Peter Hoang made history

Port Alberni poet shortlisted for B.C. award

Port Alberni’s Derek Hanebury is a former instructor at North Island College

Indigenous youth connect with their culture at Gathering Our Voices workshops

Secluded Wellness Centre in Port Alberni hosted traditional wildcraft sessions

Illegal cannabis club in Port Alberni ticketed again

RCMP seize cannabis, issue fine for second time in five months

Motorists attempted CPR on victim in fatal Highway 4 crash west of Whiskey Creek

Witnesses say three vehicles involved in collision; man in 70s confirmed dead

Mueller finds no Trump collusion, leaves obstruction open

But while Mueller fully ruled out criminal collusion, he was more circumspect on presidential obstruction of justice

Edmonton judge rules Omar Khadr’s sentence has expired

Eight-year sentence imposed in 2010 would have ended last October had Khadr remained in custody

Vancouver Island shores will not rock in 2019

Atomique Productions announce Rock the Shores festival will not return in 2019, future is uncertain

Woman wants Tofino to get a nude beach

“They may enjoy a surf and then walk around naked and just be free.”

New Coast Guard ship crashes into breakwater in Victoria

‘It is fairly unprecedented that it would happen’

Sparks fly as SUV speeds wrong way down Highway 1 trying to flee RCMP

Captured on video, the vehicle headed westbound against oncoming traffic before crashing

Fundraising campaign launched for man caught in SilverStar avalanche

In only two days, the GoFundMe surpassed its $15,000 goal

B.C. doctor fined $5,000 for accessing records of woman pregnant with his child

Doctor admits to accessing records of the woman carrying his child

Video service to compete with Netflix, Amazon expected from Apple on Monday

The iPhone has long been Apple’s marquee product and main money maker, but sales are starting to decline

Most Read