Renters moving into investor-owned condominiums or secondary suites led to easing rates this spring in B.C.’s purpose-built rental market.
According to the Canada Mortgage and Housing Corp. (CMHC), the improving rental vacancy rate was also driven by renters transitioning into homeowners, and in certain cities including Vancouver, Victoria and Kelowna, by the construction of more rental units.
CMHC’s spring rental market report shows B.C.’s rental vacancy rate was 3.1% in April 2010 compared with 2.3% in April 2009.
There were 5,165 vacant units this past April out of 165,095 rental units in B.C.
The average rent for an apartment in B.C. fell to $897 in April 2010 from $899 in April 2009. A total of 324 units were added to what the CMHC calls B.C.’s “rental universe” during that time. Easing rental market conditions in B.C. were similar to trends in rental markets in other parts of Western Canada.
Cities with the highest average rent for two-bedroom apartments were Vancouver ($1,150), Victoria ($999), Dawson Creek ($902) and Kelowna ($896).