VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 12, 2013) - The rental apartment vacancy rate(1) in the Vancouver Census Metropolitan Area (CMA) remained stable at 1.7 per cent in October 2013, compared to 1.8 per cent in October 2012 according to the Fall Rental Market Survey released today by Canada Mortgage and Housing Corporation.
"Vancouver rental demand increased alongside an increase in the rental universe, keeping the apartment vacancy rate stable," said Lance Jakubec, CMHC's Senior Market Analyst for the Vancouver CMA. "Some existing purpose-built rental units were temporarily removed from the pool of rental supply for repairs, renovations, or repurposing, so the net increase in purpose-built rental supply was relatively modest", added Jakubec.
In the Abbotsford-Mission CMA, steady rental demand and a decline in the supply of purpose-built rental housing pushed the average vacancy rate lower to 3.2 per cent.
On the basis of a sample of structures common to both the 2012 and 2013 surveys(3), the average two-bedroom apartment rent increased by 2.1 and 1.5 per cent in the Vancouver and Abbotsford-Mission CMAs, respectively. This was lower than the allowable rent increase under the Residential Tenancy Act.
Rental Market data is also available in English and French at the following link: Fall 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) | The survey is based on privately-initiated rental apartment structures of three or more units. |
| (2) | Urban centres is defined as centres with a population of 10,000 or more. |
| (3) | Year-over-year comparisons of average rents can be slightly misleading because rents in newly built structures tend to be higher than in existing buildings. Excluding new structures and focusing on structures existing in both the October 2011 and October 2012 surveys provides a better indication of actual rent increases paid by tenants. |
Additional data is available upon request.
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To view the table accompanying this press release please click on the following link: http://media3.marketwire.com/docs/917347a.pdf
Contact Information:
Lance Jakubec, Senior Market Analyst
604-737-4095
Cell: (604-317-5319)
ljakubec@cmhc.ca
Media Contact:
Jeanette Wilkinson
604-737-4025
Cell: (604-360-7793)
jpwilkins@cmhc.ca