Chilliwack vacancy rate at 1.5 per cent

  • Chilliwack vacancy rate at 1.5 per cent

Chilliwack vacancy rate at 1.5 per cent

A new report from the Canada Mortgage and Housing Corporation finds vacancy rates are still very tight and rents keep on leaping higher across the country. The Oshawa CMA was the only place to experience an increase in vacancies.

CMHC credits natural gas and oil price gains, which have improved economic activity and rental demand.

Population growth among millenials and seniors, along with migration, is contributing to the low vacancy rates, particularly in B.C.

In its 2017 Rental Market Report, the federal agency said the vacancy rate for purpose-built rentals in Canadian cities with at least 10,000 people fell to three per cent in October, down from 3.7 per cent a year earlier. "Demand for purpose-built rental apartments can be attributed to historically high levels of positive net global migration, improving employment conditions for younger households and the on-going aging of the population".

The Rental Market Survey provides data and analysis for both the primary and purpose-built rental market as well as the secondary rental market covering condominium apartments.

The national average turnover rate stood at 20%, essentially unchanged from October 2016.

The high vacancy rate in Saskatoon has kept downward pressure on rental prices.

While the rental vacancy rate for the city of Kamloops as a whole remained comparable to a year ago, apartment vacancy rates on the North Shore saw a steep increase. There were actually 74 new two-bedroom apartments found in the area, while totals for bachelor and one-bedroom apartments decreased.

"Those are the factors holding back much-needed, purpose-built rental supply", he stated.

"Units built between 1980 and 1999 have a vacancy rate of about 1.3% and that's significantly lower than the overall average and in addition, units that were built in the year 2000 or later have a vacancy rate of 0%", added Pardy. By comparison, Vancouver's rate is 0.9 per cent and Toronto is 1.0 per cent.

The average rent for a one bedroom apartment is $702 while a two-bedroom unit is $844.

Average monthly rents for two-bedroom apartments were highest in Vancouver ($1,552), Toronto ($1,404) and Calgary ($1,247).

Rent increases were greatest in Kelowna at 8.6 per cent and fell by 1.3 per cent in Saskatoon and Edmonton. They were lowest in Trois-Rivieres, Que., at $594.

Kamloops' rental vacancy rate is comparable to the provincial rate of 1.3% - unchanged from previous year - but significantly above Kelowna's.