Chilliwack vacancy rate at 1.5 per cent

Pat Wise
November 29, 2017

The vacancy rate for apartment rental units fell to 0.9 per cent. Looking at a two-bedroom apartment, the average is reportedly $1,012, essentially unchanged from 2016. One major one is global migration; Canada increased its intake of of immigrants in 2016, and new immigrants tend to gravitate to rental housing.

City of Penticton director of development services Anthony Haddad said the dip in the vacancy rate reflects challenges communities across BC are facing.

Toronto's vacancy rate fell to 1 per cent in October of this year, from 1.3 per cent the same month a year before.

GP's apartment turnover rate is 36.2 per cent, just slightly higher than the provincial average.

The number of rental apartments increased by 1.2% or 23,000 in the a year ago, about half the growth rate in the 2016 CMHC rental market report.

The average monthly rent for a two-bedroom purpose-built rental apartment across Canada's centres is $989.

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In total, the average renter paid $867 in Penticton, compared to $822 in 2016.

Record high home prices in Toronto, set during the late winter and early spring this year, as well as considerable migration of people to the GTA, likely contributed to a growing demand for rental accommodation. Our weekly newsletter delivers the news and analysis you need on Canada's housing market.

But CMHC says the slumping rental markets in Prairie cities are beginning to improve.

Still, that wasn't enough to keep rental rates from falling in many Prairie cities, including Calgary (down 1.6 per cent to an average rent of $1,128), Edmonton (down 1.3 per cent to $1,101) and Saskatoon (down 1.5 per cent to $999).

Saskatoon (9.6%), Regina and Edmonton (both at 7.0%) and St. John's (7.2%), have the highest purpose-built rental vacancy rates. The highest average two-bedroom rental condominium rent was in Toronto ($2,301), followed by Vancouver ($1,874) and Ottawa ($1,566).

Rents across the Vancouver CMA increased faster than the provincially allowable increase rate for the third consecutive year, meaning prospective tenants have faced higher rents than established renters.

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