Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 16, 2009 08:15 ET

Canada Mortgage and Housing Corporation: British Columbia Rental Vacancy Rates Increased

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 16, 2009) - Vacancy rates increased in most British Columbia centres compared to last fall, according to Canada Mortgage and Housing Corporation's (CMHC) October rental market survey.

"There is relief for renters looking for apartments," noted Carol Frketich, CMHC's BC Regional Economist. The apartment vacancy rate for two bedroom units increased to 3.7 per cent compared to 1.4 per cent one year ago. Larger apartments are easier to find, with the vacancy rate for units with three or more bedrooms at 4.0 per cent, compared to 2.0 per cent last fall.

"An increase in rental supply, mainly from investor-owned condominiums and secondary suites, and a softer labour market, pushed vacancy rates higher," added Frketich.

Although rental market conditions eased, rents were higher. Two bedroom average rents in existing structures rose 2.8 per cent from October 2008. Apartments with three or more bedrooms in existing structures reported a 2.7 per cent increase in average rent compared to last fall.

CMHC's Rental Market Report, British Columbia Highlights, is available for free at www.cmhc.ca/housingmarketinformation.

As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making vital decisions. For more information, visit www.cmhc.ca or call 1-800-668-2642.

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To view the table accompanying this press release please click on the following link: http://media3.marketwire.com/docs/CMHCBCrental.pdf

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