Abbotsford and Mission have nation’s tightest rental market: report

Rental vacancy rate plunges to 0.2 per cent as house prices, migration and economy drive demand

Abbotsford and Mission continue to have the nation’s tightest rental market, according to a new report released today.

The Abbotsford-Mission census metropolitan area has a rental vacancy rate of just 0.2 per cent, according to the Canadian Mortgage and Housing Corporation’s (CMHC) annual report. That puts the region joint-lowest in the country with Kelowna.

It also has Canada’s lowest availability rate, which factors in rental units where a tenant has given notice but no new renter has been found. Just one in every 200 rental units in Abbotsford are considered “available.”

The region also had the joint-lowest vacancy rate last year (0.5 per cent) and the lowest availability rate.

The City of Abbotsford’s vacancy rate is 0.2 per cent, while the District of Mission’s is 0.6 per cent. That marks a significant decline for Mission, which had a vacancy rate of 1.2 per cent last year.

Provincewide, the vacancy rate is 1.3 per cent, while Metro Vancouver’s rate sits at 0.9 per cent. The national vacancy rate is three per cent.

The CMHC attributed a strong local economy, more migration to the area and high home ownership prices for increasing the number of renters.

Watch Wednesday’s Abbotsford News for more.

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