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

PHOTOS: Mission’s Candlelight Parade

More than 80 floats took part in the annual holiday event in downtown Mission

First snowfall of season on its way in the Fraser Valley: Environment Canada

Two to four centimetres of snowfall is expected to fall by Sunday evening

Girl’s ‘brilliant’ drawing of B&E suspect hailed by Abbotsford police

Man seen trying to break into cars in the McMillan area of Abbotsford on Friday

More waste still needs to be diverted from Mission landfill

Diversion rate currently at 66 per cent, but 80 per cent by 2020 is the goal

It’s the last day to vote in B.C.’s referendum on electoral reform

Ballots must now be dropped off in person to meet the deadline of 4:30 p.m.

VIDEO: Highway overpass protest against United Nations ‘compact’ on immigration

Demonstrators say Canada will have less control over who is allowed in the country

B.C. police stop drunk driver who offered up burger instead of ID

Roadblock checks over the weekend found at least two other impaired drivers

In Canada, the term ‘nationalism’ doesn’t seem to have a bad rap. Here’s why

Data suggest that Canadians don’t see the concept of nationalism the way people do in the United States

Small quake recorded west of Vancouver Island

No injuries or tsunami warning after 5.4 rumble felt some 400 kilometres from Victoria

B.C. suspends Chinese portion of Asian forestry trade mission due to Huawei arrest

Huawei’s chief financial officer Meng Wanzhou was detained at the request of U.S. in Vancouver

Canadians spent $1.7 billion dollars online in December 2017

Online retail sales accounted for 3.4 per cent of total retail sales

2-year investigations nets $900,000 in refunds for payday loan customers

Consumer Protection BC says selling practices were ‘aggressive and deceptive’

China: Canada’s detention of Huawei exec ‘vile in nature’

Huawei is the biggest global supplier of network gear for phone and internet company

1 of 2 B.C. men wanted in connection to home invasion, explosives in custody

Cameron Cole is charged with two counts of possessing an improvised explosive device

Most Read