Rental vacancy rates edge down in Lower Mainland

Average rents went up modestly this year

Apartment vacancy rates in Metro Vancouver have dropped slightly to 1.9 per cent, according to the latest rental survey by the Canada Mortgage and Housing Corp.

That’s down from 2.1 per cent a year ago.

CMHC senior market analyst Robyn Adamache cited an increase in jobs in the region and a steady influx of new residents.

“A slowdown in first-time home buyer activity also contributed to lower vacancy rates as more households remained in the rental market,” she said.

It’s really a tale of two markets – while it’s got harder to find purpose-built rental apartments, 3,500 more investor-owned condos have gone into the rental market.

That actually increased the vacancy rate for those units as well as suites and rental houses and townhomes by half a point to 2.2 per cent.

Landlords typically raised rents by 2.6 per cent in Metro Vancouver in 2009.

The average rent of a one-bedroom apartment climbed to $940, while two-bedroom units now go for an average of $1,195.

It’s easier to find an apartment in the Abbotsford area, where the vacancy rate is 6.5 per cent. Average rents there climbed 1.5 per cent, with one-bedroom units renting for $655 and two bedrooms going for $785.

Just Posted

Orangeville Northmen take Minto Cup at Langley Events Centre

Swept best-of-five series 3-0 over Victoria Shamrocks

Langley RCMP’s hunt for wanted thief ends in tasing at Aldergrove store

Prolific Offender Supression Team officers arrested the man, who had been evading police for weeks

On the cutting edge of business

Ace Hardware opens its doors in Walnut Grove

Memorial to Carson Crimeni to stay in place through to September

Hundreds of tributes have been left at the Walnut Grove skate park

Langley Township urged to take feral rabbit-control measures

An Aldergrove farm being overrun with domestic rabbits as well as local shelter

RCMP respond to incident at Surrey Memorial Hospital

Police were also on scene at a nearby apartment complex

Groups ready campaign to help young voters identify ‘fake news’ in election

The media literacy campaign to focus on identifying misinformation and suspicious sources online

Big rally in northern B.C. draws attention to continuing lumber crisis

Mayor Joan Atkinson says about 400 workers have been directly affected by the closure of the Canfor mill

Expanded support to help B.C. youth from care attend university still falling short

Inadequate support, limited awareness and eligibility restrictions some of the existing challenges

Ethnic media aim to help maintain boost in voting by new Canadians

Statistics Canada says new Canadians made up about one-fifth of the voting population in 2016

UPDATE: Crown cross-examines B.C. father accused of killing daughters

Andrew Berry is charged in the deaths of six-year-old Chloe and four-year-old Aubrey in 2017

Dog attacked by river otters, Penticton owner says

Marie Fletcher says her dog was pulled underwater by four river otters in the Penticton Channel

BC SPCA overwhelmed with cats, kittens needing homes

Large number of cruelty investigations, plus normal ‘kitten season’ to blame

Most Read