CMHC Spring Rental Vacancy Rates in British Columbia

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 20, 2013) - According to Canada Mortgage and Housing Corporation's (CMHC) spring Rental Market Survey(1), the British Columbia apartment vacancy rate was 3.5 per cent in April 2013.

"This spring rental market was stable compared to last spring. Vacancy rates at a provincial level, as well as in half of the centres surveyed, were mostly unchanged from last year," noted Carol Frketich, CMHC's BC Regional Economist.

In the Vancouver and Victoria Census Metropolitan Areas (CMAs), the apartment vacancy rate was relatively unchanged from the April 2012 level. The Kelowna and Abbotsford-Mission CMAs reported lower apartment vacancy rates this spring compared to a year ago.

The two-bedroom apartment average rent in British Columbia was $1,069 and the one-bedroom apartment average rent was $918. For two-bedroom apartments, the estimated annual increase in the same sample(2) rent was 1.5 per cent.

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

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.

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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.