Metro Vancouver’s rental vacancy rate climbed 0.4 percentage points to 1.8% in October compared with the same month in 2011, Canada Mortgage and Housing Corp. announced December 13.
That compares with a provincial average rental vacancy rate of 2.7% in October, up from 2.4% in October 2011.
Not all regions saw a loosened vacancy rate, however.
In the Abbotsford-Mission census metropolitan area rental vacancy tighten to 4.2% in October, compared with 6.7% in October 2011.
“Rental market conditions in B.C. are influenced by a number of factors – growth in jobs, migration patterns, the relative cost of home ownership compared with renting and changes in supply, including additions to the secondary market,” said Carol Frketich, who is CMHC’s B.C. regional economist.
“The combination of these factors resulted in easing of rental market conditions for purpose-built rental accommodations compared with a year ago.”
