(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.

Real estate

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

PHOTOS: Kids, parents cool off at Langford splash park

Centennial Park is home to a popular water feature

Saanich landfill gets used oil and antifreeze dropoff centre upgrades

BC Used Oil Management Association oversees upgrades, two new facilities in province

Saanich woman completes 10 marathons, raises double her initial goal amount

Over $20,000 raised for Victoria Hospitals Foundation

Colwood man to ride 400 kilometres to fight kids cancer

Man riding for a beloved family member who died from leukemia at 13-years-old

UPDATED: Missing 25-year-old Saanich woman found Saturday

Yuhan Jin thought to be travelling by foot or bus, carrying two suitcases

VIDEO: Otter pups learn to swim at B.C. wildlife rescue facility

Watch Critter Care’s Nathan Wagstaffe help seven young otters go for their first dip

Alleged impaired driver sparks small wildfire near Lytton after crash: B.C. RCMP

Good Samaritans prevented the blaze from getting out of control

Travel restrictions inspiring co-operation in border communities

Small border towns are asking for exemption to travel ban

B.C. First Nation adopts ‘digital twinning’ software to better manage territory

Software allows users to visualize what a mountain might look like if the trees on its slopes were logged

Woman arrested near Nanaimo beach after alleged road rage incidents

37-year-old woman facing charges including assault, assaulting a police officer, impaired driving

All inquiry recommendations implemented after fatal Port Hardy RCMP shooting: Ministry

The Independent Investigations Office of B.C. cleared the RCMP officers involved of wrongdoing

Leave your deets when dining: Restaurants taking personal info to trace COVID-19

Health officials say indoor dining presents a higher risk

Raptors kneel for both American and Canadian anthems ahead of tipoff

Majority of players have substituted their names on the backs of their jerseys with racial and social justice messages

Most Read