Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 14, 2006 08:15 ET

Canada Mortgage and Housing Corporation: Provincial Vacancy Rate Falls to 1.2%

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 14, 2006) - Canada Mortgage and Housing Corporation's (CMHC) annual Rental Market Survey indicates that the apartment vacancy rate in British Columbia dropped from 1.9 per cent last year to 1.2 per cent in October 2006.

"Increased rental demand resulting from solid provincial economic conditions partially offset the number of units vacated as people moved from rental to homeownership," said Andy Ni, Market Analyst. "Rental demand was fuelled by an increasing number of inter-provincial migrants attracted by a robust job market in BC, as well as a high level of international migrants coming to the region."

Across 27 urban areas in British Columbia, eight reported a vacancy rate lower than 1 per cent, including Vancouver (0.7 per cent), Victoria (0.5 per cent), and Kelowna (0.6 per cent). Although both saw vacancy rates decline substantially from last year, Prince Rupert (20.5 per cent) and Kitimat (34.9 per cent) recorded the highest vacancy rates in the province in 2006.

With the release of its 2006 Rental Market Survey, CMHC has broadened its coverage of the rental market to include apartment condominiums offered for rent in the following centres: Vancouver, Calgary, Edmonton, Toronto, Ottawa, Montreal, and Quebec. In 2006, vacancy rates for rental condominium apartments were below one per cent in five of the seven centres surveyed. Rental condominiums in Vancouver and Toronto had the lowest vacancy rate at 0.4 per cent. On the other hand, Quebec and Montreal registered the highest vacancy rates for condominium apartments at 1.2 per cent and 2.8 per cent in 2006, respectively. The survey showed that vacancy rates for rental condominium apartments in 2006 were lower than vacancy rates in the conventional rental market in all the surveyed centres, except Montreal and Calgary. The highest average monthly rents for two-bedroom condominium apartments were in Toronto ($1,487), Vancouver ($1,273), and Calgary ($1,257). All surveyed centres posted average monthly rents for two-bedroom condominium apartments that were higher than average monthly rents for two-bedroom private apartments in the conventional rental market in 2006.

A second enhancement, starting in 2007, is that CMHC will be conducting a rental market survey in the spring, in addition to the one conducted in the fall. The results of the spring survey will be published in June and will provide centre-level information on key rental market indicators such as vacancy rates and average rents.

Canada Mortgage and Housing Corporation (CMHC) has been Canada's national housing agency for over 60 years. CMHC contributes to improving the living conditions and the well-being of Canadians through four areas of housing activities - housing finance, assisted housing, research and information transfer, and export promotion. CMHC is committed to helping Canadians access a wide choice of quality, affordable homes, and making vibrant and sustainable communities and cities a reality across the country. For more information, visit www.cmhc.ca or call 1 800 668-2642.

Preliminary numbers are summarized on the attached tables. To view the tables accompanying this press release please click on the following link: http://www.ccnmatthews.com/docs/cmhclinkage.pdf

(Ce document existe egalement en francais)

Contact Information

  • Canada Mortgage and Housing Corporation
    Andy Ni, Market Analyst
    (604) 737-4052
    Email: ani@cmhc.ca
    or
    Canada Mortgage and Housing Corporation
    Peggy Prill, Market Analyst
    Victoria / Vancouver Island contact
    Cell: (250) 360-7322
    Email: pprill@cmhc.ca
    or
    Canada Mortgage and Housing Corporation
    Paul Fabri, Market Analyst
    BC Southern Interior contact
    (250) 712-4334
    Email: pfabri@cmhc.ca