CMHC Spring Rental Vacancy Rates Declined in British Columbia

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 15, 2015) - According to Canada Mortgage and Housing Corporation's (CMHC) spring Rental Market Survey¹, the British Columbia apartment vacancy rate declined to 1.8 per cent in April 2015 from 2.4 per cent in April 2014.

"Vacancy rates moved lower this spring as increased rental demand outpaced additions to rental supply," noted Carol Frketich, CMHC's BC Regional Economist. "Most of the province's 27 centres surveyed in April reported lower vacancy rates compared to a year earlier. Apartment vacancy rates ranged from 1.0 per cent in Parksville to 8.9 per cent in Dawson Creek."

The two-bedroom apartment average rent in British Columbia was $1,136 per month and the one-bedroom apartment average rent was $973 per month.

For two-bedroom apartments, the estimated annual increase in the same sample² rent was 3.0 per cent. For one-bedroom apartments, which make up more than half of the privately-initiated primary rental stock³ in British Columbia, a similar pace of increase was reported.

Rental Market data is available in English and French at the following link: Spring Rental Market Report

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

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Additional data is available upon request.

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¹ CMHC's Rental Market Survey is conducted twice a year in April and October, to provide vacancy, availability and rent information on privately initiated structures in all centres with populations of 10,000 and more across Canada. Reports are released in June and December. Note that there are differences between the fall and spring surveys. The spring survey covers apartment and row structures containing at least three rental units, and, unlike the fall survey, does not report information on: a) Smaller geographic zones within centres; b) Secondary rental market (rented condominium apartments, single detached, semi-detached, duplexes or accessory apartments).

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

³ The Rental Market Survey targets only privately-initiated structures with at least three rental units, which have been on the market for at least three months.

To view the tables accompanying this press release please click on the following link: http://media3.marketwire.com/docs/CMHCBC615.pdf