The Canada Mortgage and Housing Corporation (CMHC) has released its latest survey showing that Metro Vancouver’s vacancy rate for purpose-built rentals is now at 0.7 per cent for bachelor, one-bedroom and two-bedroom apartments, while the average rent is up 6.4 per cent to $1,223 as reported in The Georgia Straight and the The Metro News. For units with three or more bedrooms, the vacancy rate was 1.4 per cent. These statistics apply for buildings designed and built to be rentals, not basement suites or condos rented out by owners. The stock of purpose-built rental units increased by 922 this year.
The lowest vacancy rate of 0 per cent was on the University Endowment Lands at UBC. The highest vacancy rate in Vancouver was one-bedrooms in Kerrisdale with 2.3 per cent. Average prices for one-bedroom apartments varied from $955 in Marpole to $1,441 in English Bay.
“Strong demand for rental accommodation in Vancouver outpaced addition to supply, pushing rents higher and vacancies lower for purpose-built and condo rental apartments,” CMHC housing analyst Robyn Adamache stated.
The table below compares vacancy rates for 2015 and 2016 in Metro Vancouver and the municipalities, clearly showing how hard it is to find rental accommodation.
Source: Statistics Canada and Metro News