VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 13, 2012) - The purpose-built rental apartment vacancy rate in the Vancouver Census Metropolitan Area (CMA) was 1.8 per cent in October 2012, up from 1.4 per cent in October 2011, according to Canada Mortgage and Housing Corporation's (CMHC's) Fall Rental Market Survey.
"Rental vacancy rates are relatively low despite the recent uptick," said Robyn Adamache, CMHC's Senior Market. "The average rent for purpose-built rental apartments grew at a rate similar to the general rate of inflation as a result of renovated suites, and tenant turnover." The estimated percentage change in average rent was 2.3 per cent in October 20121.
In the Abbotsford-Mission CMA, the apartment vacancy rate for purpose-built rentals was 4.2 per cent, a decline from 6.7 per cent in October 2011. Improving employment conditions and a growing population combined with little growth in the rental stock contributed to the vacancy rate decline.
CMHC's Fall Rental Market reports also include information on the secondary rental market for some centres. In the Vancouver CMA, the rental condominium vacancy rate was relatively unchanged from a year ago.
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/
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1 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.
Additional data is available upon request.
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