Canada Mortgage and Housing Corporation: October 2012 Rental Vacancy Rates in British Columbia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 13, 2012) - The apartment vacancy rate was 2.7 per cent in October 2012, up from 2.4 per cent in October 2011, according to Canada Mortgage and Housing Corporation's (CMHC's) Fall Rental Market Survey.

CMHC's survey of purpose-built rental accommodation in urban centres¹ of the province reported a range of apartment vacancy rates from 1.7 per cent in Parksville to 11.8 per cent in Prince Rupert. In general, vacancy rates edged higher in larger centres (Vancouver, Victoria, Kelowna and Nanaimo), while in smaller centres and in the north, including Fort St. John and Prince George, vacancy rates moved lower. At 1.8 per cent, Vancouver's apartment vacancy rate was the second lowest in the province and well below the BC average.

"Rental market conditions in British Columbia are influenced by a number of factors - growth in jobs, migration patterns, the relative cost of homeownership compared to renting, and changes in supply, including additions to the secondary rental market," noted Carol Frketich, CMHC's BC Regional Economist. "The combination of these factors resulted in easing of rental market conditions for purpose-built rental accommodations compared to a year ago and a slower pace of rent increase in existing rental buildings." The estimated percentage change in average rent was 1.9 per cent in October 2012².

CMHC's Fall Rental Market reports also include information on the secondary rental market for some centres. In both the Vancouver and Victoria CMAs, the rental condominium vacancy rate moved higher in tandem with the purpose-built apartment vacancy rate. Overall, rental market conditions in the secondary rental market were comparable to the purpose-built rental market.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. 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 informed decisions.

For more information, visit www.cmhc.ca or call 1-800-668-2642.

CMHC Market Analysis standard reports are also available free for download at CMHC Housing Market Information: http://www.cmhc.ca/housingmarketinformation/

¹ An urban centre is a centre with a population of 10,000 or more people.

² The percentage change of average rent is a measure of the market movement, and is based on those structures that were common to the survey sample for both years.

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Additional data is available upon request.

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