The rental market in Greater Vancouver remained relatively stable in October compared with one year prior, according to Canada Mortgage and Housing Corporation (CMHC) data released December 12.
The vacancy rate was 1.7% in October 2013, down 0.1 percentage points from October 2012’s rate of 1.8%, according to CMHC’s fall rental market survey. This is below British Columbia’s average of 2.4%, which is down 0.3 percentage points year-over-year.
“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.”
Across B.C., the lower vacancy rate was a result of increased demand for rental housing from young adults and immigrant housholds, said Carol Frketich, CMHC’s regional economist for B.C.
The average rent in Vancouver for a two-bedroom apartment increased by 2.1% over the same period – below the Residential Tenancy Act’s allowable rent increase of 2% plus the inflation rate. Rent increased province-wide by 1.8%.
