Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 10, 2009 08:15 ET

Canada Mortgage and Housing Corporation: Spring Vacancy Rates Up Across British Columbia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 10, 2009) - Vacancy rates increased in most British Columbia centres compared to last spring, according to Canada Mortgage and Housing Corporation's (CMHC) April rental market survey.

"There is some relief for renters looking for apartments," noted Carol Frketich, CMHC's BC Regional Economist. The apartment vacancy rate for two bedroom units increased to 2.7 per cent compared to 1.6 per cent one year ago. Larger apartments are becoming easier to find, with the vacancy rate for units with three or more bedrooms at 3.0 per cent, compared to 1.3 per cent last spring.

"An increase in rental supply, mainly from the secondary market, and softening demand tied to slower economic and job growth, pushed vacancy rates higher," added Frketich.

Although rental market conditions eased, rents were higher. Two bedroom average rents in existing structures rose 3.4 per cent from April 2008. Apartments with three or more bedrooms in existing structures reported a 4.2 per cent increase in average rent compared to last spring.

CMHC's Rental Market Report, British Columbia Highlights, is available for free at www.cmhc.ca\housingmarketinformation.

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 - homes that will continue to create vibrant and healthy communities and cities across the country. For more information, visit www.cmhc.ca or call 1-800-668-2642.

To view the table accompanying this press release please click on the following link: http://media3.marketwire.com/docs/0610CMHC.pdf

Contact Information

  • Canada Mortgage and Housing Corporation
    Carol Frketich
    BC Regional Economist
    Cell: (604) 787-5598
    cfrketic@cmhc-schl.gc.ca
    or
    Canada Mortgage and Housing Corporation
    Robyn Adamache
    Vancouver Market Analyst
    (604) 737-4144 or Cell: (604) 787-9659
    radamach@cmhc-schl.gc.ca
    or
    Canada Mortgage and Housing Corporation
    Paul Fabri
    Kelowna Market Analyst
    (250) 712-4334
    pfabri@cmhc-schl.gc.ca
    or
    Canada Mortgage and Housing Corporation
    Travis Archibald
    Victoria Market Analyst
    (604) 737-4062 or Cell: (604) 999-7420
    tarchiba@cmhc-schl.gc.ca
    or
    Canada Mortgage and Housing Corporation
    Sarena Teakles
    Prince George and Northern BC Market Analyst
    (604) 737-4052
    steakles@cmhc-schl.gc.ca
    www.cmhc.ca