In a city with notoriously low vacancy rates, looking for an apartment in Vancouver seems to be getting even more difficult.
The apartment vacancy rate in the Vancouver Census Metropolitan Area (CMA) fell to 1% in October, down from 1.7% a year before, Canada Mortgage and Housing Corporation announced December 16.
Canada-wide, the average vacancy rate was more than two-and-a-half times higher, at 2.7%.
CMHC senior market analyst Robyn Adamache said there are many reasons for the decline in Vancouver vacancies.
“Employment and population growth, together with higher post-secondary student enrolment, added to demand for rental housing,” Adamache said.
“Also, the rising cost of home ownership may have encouraged some people to stay in rental housing rather than buy.”
As vacancy rates drop, apartment rents are on the rise. The average apartment rented for almost 3% more in 2014 - $1,099 – than it did in 2013 ($1,067).
The University Endowment Lands had the lowest vacancy rate in the Vancouver CMA at 0.2%, followed by the West End and the District of North Vancouver (both 0.3%). The highest vacancy was found in Delta (3.6%).
