Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 09, 2010 12:53 ET

Canada Mortgage and Housing Corporation: Lower Mainland Rental Vacancies Edge Lower

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 9, 2010) - According to Canada Mortgage and Housing Corporation (CMHC), the rental apartment vacancy rate in the Vancouver Census Metropolitan Area (CMA) edged down to 1.9 per cent this year, from 2.1 per cent in October 2009. "Vacancy rates declined in response to improving employment conditions and steady migration to the region. A slowdown in first-time home buyer activity also contributed to lower vacancy rates as more households remained in the rental market," noted Robyn Adamache, Senior Market Analyst with CMHC.

A relatively stable vacancy rate meant that rents grew at a slower pace than last year. The estimated increase in same sample rents for units common to both the October 2009 survey and the October 2010 survey was 2.6 per cent in 2010, compared to 2.9 per cent in 2009.

While the purpose-built rental market reported lower vacancy rates, the secondary rental market, which includes investor-owned condominiums, single-family homes, town homes and accessory suites, moved in the opposite direction, reporting higher vacancy rates. The vacancy rate for rental condominiums moved up to 2.2 per cent in 2010, from 1.7 per cent in 2009, due to the more than 3,500 rental condominium units added to the total rental supply.

Choosing rental accommodations is still easier for renters in the Abbotsford CMA than in other parts of the Lower Mainland. CMHC's Fall Rental Market Survey found that the apartment vacancy rate was 6.5 per cent, a slight increase from 2009's level.

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.

To view the tables accompanying this press release please click on the following link: http://media3.marketwire.com/docs/1CMHC.pdf

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Contact Information

  • Canada Mortgage and Housing Corporation
    Robyn Adamache
    Metro Vancouver Rental Markets
    (604) 737-4144 or Cell: (604) 787-9659
    radamach@cmhc-schl.gc.ca
    or
    Canada Mortgage and Housing Corporation
    Richard Sam, Market Analyst
    Fraser Valley Rental Markets
    (604) 737-4089 or Cell: (604) 317-5319
    rsam@cmhc-schl.gc.ca