Strong demand for rental accommodation throughout B.C. pushed the apartment rental vacancy rate down to 1.1 per cent in April from 1.2 per cent a year ago, Canada Mortgage and Housing Corp. reported Thursday.

CMHC said the average rent for a two-bedroom apartment in B.C. has increased from $893 to $921 in the past year.
“Above-average job growth, very low unemployment rates and people moving to the region are a few of the factors behind the trend to lower vacancy rates,” said CMHC regional economist Carol Frketich.

The Metro Vancouver vacancy rate remained unchanged from a year ago at 0.9 per cent while Victoria’s rate fell from 0.8 per cent to 0.3 per cent and the rate in Kelowna dropped from 0.7 per cent to 0.3 per cent.

The apartment vacancy rate in Abbotsford rose from 0.6 per cent to 2.4 per cent while the rate in Prince George increased from two per cent to 2.7 per cent.

Bruce Constantineau

Vancouver Sun