Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 16, 2009 08:15 ET

Canada Mortgage and Housing Corporation: More Rental Accommodation Available in Lower Mainland

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 16, 2009) - According to Canada Mortgage and Housing Corporation (CMHC), renters in Vancouver and the Fraser Valley will have an easier time finding accommodation this fall. The rental apartment vacancy rate rose to 2.1 per cent in October 2009, following several years of vacancies below one per cent. The stock of purpose-built rental apartments and town homes grew by just under one per cent since last October, thanks to the completion of new rental buildings and renovated units. Rents have continued to rise, but at a slower pace than last year.

"There are several factors that will drive demand for rental housing in Vancouver," said Robyn Adamache, Senior Market Analyst with CMHC. "Job growth and a steady inflow of new residents to the region will support demand for rental housing in 2010. The gap between the monthly cost of home ownership and renting in the Lower Mainland will also keep some people in rental housing."

The vacancy rate more than doubled compared to last year in the Abbotsford CMA, reaching to 6.1 per cent. Despite increased vacancy rates, landlords have continued to secure higher rents than the year before, but rents rose more slowly than in 2008.

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.

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Contact Information

  • Canada Mortgage and Housing Corporation
    Robyn Adamache
    Senior Market Analyst
    (604) 737-4144 or Cell: (604) 787-9659
    radamach@cmhc.ca
    www.cmhc.ca