Vacancy rates drop to 0.8 per cent in Lower Mainland

Rents climb as demand for Metro Vancouver apartments outstrips supply

Rental vacancy rates have decreased to an average of 0.8 per cent across Metro Vancouver

It’s become tougher to find an apartment if you’re a renter.

The apartment vacancy rate in Metro Vancouver dropped to 0.8 per cent in October, the lowest level since 2008, according to a new report from the Canada Mortgage and Housing Corp.

That’s a slight decrease from 1.0 per cent a year earlier, and it’s been an even steeper drop from 3.1 to 0.8 per cent in the Abbotsford-Mission area.

Within Metro, vacancy rates were lower still in Vancouver – which had a rate of 0.6 per cent – as well as UBC, the North Shore and South Delta.

South of the Fraser, the vacancy rates were 1.9 per cent in Surrey and 1.5 per cent in Langley.

The rates decreased by at least one percentage point in Langley, Pitt Meadows/Maple Ridge and Delta.

The report cites population growth as a prime factor in the tightening rental market, as increased demand outpaces the construction of new units.

Rising home prices in many markets may have deterred or delayed the home buying plans of some renters, keeping downward pressure on rental vacancy rates.

“Continued price gains in the resale market have kept tenants in the rental market longer,” the report said.

The average two-bedroom apartment now rents for $1,368 in Metro Vancouver, up from $1,311 a year earlier. In the Abbotsford-Mission area, two-bedroom rents are up to $864 from $835 a year ago.

Landlords are charging higher rents when units turnover, CMHC said, and the strong demand may also be allowing them to impose the maximum allowed rent increases on existing tenants.

Rents vary widely across the region – the report notes average rents in Surrey are $359 lower than in the City of Vancouver.

“The Abbotsford area, like much of the suburban area of Vancouver, is also becoming more desirable for its lower housing costs and strategic location,” the CMHC report said.

“While most residents of Abbotsford City stay in the region to work, there are a number of commuting options, including the relatively new Port Mann Bridge, which helps to reduce commute time to the west side of the Lower Mainland.”

Just Posted

Stabbing at Surrey banquet hall sends man to hospital

RCMP says victim has ‘non-life threatening’ injuries, incident still under investigation

South Surrey parking ticket perplexes, frustrates

Theresa Delaney predicts more people will be wrongly ticketed

55-year-old man taken to hospital after fire at Surrey RV park

Firefighters find man suffering from smoke inhalation, burns to face and hands: battalion chief

Coldest Night an event for warm hearts

Sources’ White Rock event one of 130 walkathons across Canada on Feb. 23

Guatemala mission offers hope, health

Peninsula team to visit remote villages, build a home, in Piedra Blanca

B.C. students win Great Waters Challenge video contest

Video, mural and song about saving the salmon claims the top prize

Ammonia leak shuts down curling club in Nelson

It’s not yet clear when the leak was detected

Pavelski’s 31st goal helps Sharks top Canucks 3-2

Vancouver one point out of second NHL wild-card spot

Eight cases of measles confirmed in Vancouver outbreak

Coastal Health official say the cases stem from the French-language Ecole Jules Verne Secondary

Ontario police field complaints over Amber Alert for missing girl, 11, found dead

Some said the Amber Alert issued late Thursday for Riya Rajkumar disrupted their sleep

Former B.C. premier Gordon Campbell accused of sexual touching

Accuser went to police, interviewed by Britian’s Daily Telegraph

B.C. couple attacked with acid, slashed with knife in Vietnam

Warning, graphic images: Man has burns on 80 per cent of his body, slashed with knife

Northern B.C. First Nation clan says ancient tools found at pipeline work site

Archeologists from the Smithsonian Institute estimate one of the stones found dates back up to 3500 years

Most Read

l -->