Around Town: CMHC Spring Rental Vacancy Rates Declined in BC
According to Canada Mortgage and Housing Corporation’s (CMHC) spring Rental Market Survey the BC apartment vacancy rate declined to 1.8 per cent in April 2015 from 2.4 per cent in April 2014.
“Vacancy rates moved lower this spring as increased rental demand outpaced additions to rental supply,” noted Carol Frketich, CMHC’s BC Regional Economist. “Most of the province’s 27 centres surveyed in April reported lower vacancy rates compared to a year earlier. Apartment vacancy rates ranged from 1.0 per cent in Parksville to 8.9 per cent in Dawson Creek.”
The two-bedroom apartment average rent in BC was $1,136 per month and the one-bedroom apartment average rent was $973 per month. For two-bedroom apartments, the estimated annual increase in the same sample rent was 3.0 per cent.
For one-bedroom apartments, which make up more than half of the privately-initiated primary rental stock in BC, a similar pace of increase was reported.
For more information, read Spring Rental Market Report BC here. Follow CMHC on Twitter @CMHC_ca Media Contact: Renée Nat Phone: 403.515.2963 Cell:403.605.5094 Email:firstname.lastname@example.org
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