Vancouver Rental Vacancies Edge Lower

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 13, 2011) - According to Canada Mortgage and Housing Corporation's (CMHC) Fall Rental Market Survey, the vacancy rate in the Vancouver Census Metropolitan Area (CMA) edged down to 1.4 per cent in October 2011, compared to 1.9 per cent in October 2010.

"Improving employment conditions and steady migration to the region contributed to lower vacancy rates, especially in markets close to job centres," noted Robyn Adamache, Senior Market Analyst with CMHC.

CMHC reports that a relatively stable vacancy rate in 2011 means that rents grew at a slower pace than last year. The estimated increase in rents for units common to both the October 2010 survey and the October 2011 survey was 2.3 per cent, similar to the rate of inflation in 2011, and this compares to 2.6 per cent in 2010. In October 2011, the average monthly rent for a two-bedroom apartment in new and existing buildings was $1,237 and for a one-bedroom unit, $964.

CMHC also reports that the secondary rental market, which includes investor-owned condominiums, single-family homes, town homes and accessory suites, shows stronger rental demand than purpose-built apartments. The vacancy rate for rental condominiums moved down to 0.9 per cent in October 2011, from 2.2 per cent in October 2010. On the supply side, rental units from the secondary rental market accounted for the lion's share of the overall increase in the number of rental units.

Renters in the Abbotsford CMA had more rental options than in other parts of the Lower Mainland. CMHC's Fall Rental Market Survey found that the apartment vacancy rate was 6.7 per cent, a slight increase from 2010's level of 6.5 per cent.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high 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.