Apartment vacancy rates drop, rents rise in Lower Mainland

Two bedroom rents average $1,311 in Metro Vancouver, foreign ownership estimated at 2.3 per cent (with chart)

A tightening vacancy rate points to fewer apartments available for rent in Metro Vancouver.

It’s getting tougher to find an apartment to rent in Metro Vancouver.

Rental vacancy rates fell to 1.0 per cent in October from 1.7 per cent a year earlier, according to the fall market survey by the Canada Mortgage and Housing Corp.

“Employment and population growth, together with higher post-secondary student enrolment, added to demand for rental housing,” said CMHC senior market analyst Robyn Adamache.

“Also the rising cost of home ownership may have encouraged some people to stay in rental housing rather than buy.”

The provincial vacancy rate fell from 2.4 per cent to 1.5 per cent, while the Abbotsford-Mission area vacancy rate edged down 0.1 to 3.1 per cent.

Adamache said the Abbotsford rate shows renters there have more options than those closer to Vancouver.

The survey found a two-bedroom apartment rented for an average of $1,311 per month in Metro Vancouver in October, up 2.5 per cent from a year earlier.

Two-bedroom rentals averaged less than $1,000 in three areas – Surrey, Langley and Maple Ridge/Pitt Meadows, which had the lowest average rent at $886.

The priciest areas to rent a two-bedroom were West Vancouver at $2,031, UBC at $1,917 and Vancouver’s Downtown/West End at $1,849

The average two-bedroom rent in the Abbotsford region was $835, up 1.1 per cent.

The survey for the first time estimates the proportion of condominium apartments directly owned by foreigners who live outside Canada – 2.3 per cent in Metro Vancouver, rising to 5.8 per cent in parts of Vancouver.

Adamache said that rate includes all foreign-owned condo units, including those that are rented out, and also unrented units that are just held as an investment or holiday home.

But it does does not include foreign owners who buy property here through a Canadian holding company.

Foreign ownership of real estate in the Vancouver area has been a topic of extensive speculation, with concerns raised that some neighbourhoods have many unoccupied homes. One failed Vancouver mayoral candidate proposed charging an extra tax on absentee owners who don’t rent out their homes.

AVERAGE RENTS IN LOWER MAINLAND |Create infographics

Just Posted

Upgrades could be coming to popular Penzer Park in Langley City (with video)

Council considers a staff proposal that would move up construction of planned washroom, benches picnic tables and shelter

VIDEO: celebrating Diwali in Langley

Muriel Arnason library marks event for 14th time

Former U.S. Olympian urges audience at TWU to stay true to themselves

‘I made the decision to lie,’ says Marion Jones

Langley senior about to turn 102

Centenarian and then some Mary Foote remains independent

Rainfall warning issued across Lower Mainland into the weekend

50 to 70 mm of rain expected to fall starting overnight Friday and into Sunday morning

VIDEO: Sears liquidation sales continue across B.C.

Sales are expected to continue into the New Year

Human remains found at Silver Creek property

RCMP have been searching the property in the 2200 block of Salmon River Road for the past three days

New B.C. acute care centre opens for young patients, expectant mothers

Facility aims to make B.C. Children’s Hospital visits more comfortable

Search ramps up for B.C. woman after dog, car found near Ashcroft

Jenny Lynn Larocque’s vehicle and dog were found in Venables Valley, but there is no sign of her

Police officer hit by car, stabbed in Edmonton attack back on job

Const. Mike Chernyk, 48, returned to work Thursday

UBC medical students learn to care for Indigenous people

Students in health-related studies to take course, workshop to help better serve Aboriginal people

Dorsett has 2 goals, assist in Canucks’ 4-2 win over Sabres

‘It was a real good hockey game by our group,’ Canucks coach Travis Green said.

Berry disappointed: Bear tries to eat fake fruit on woman’s door wreath

A Winnipeg woman has taken her berry-embellished wreath down, after a hungry bear visited her porch

Man in custody linked police search near Salmon Arm

Police have not connected arrest to search at Salmon River Road property

Most Read