VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 12, 2012) - According to Canada Mortgage and Housing Corporation's (CMHC) spring Rental Market Survey1, the British Columbia average vacancy rate was 3.4 per cent in April 2012.
The Kelowna and Abbotsford-Mission Census Metropolitan Areas (CMAs) reported lower apartment vacancy rates this spring compared to a year ago. Victoria was the only CMA to record an increase in the apartment vacancy rate compared to the April 2011 level. In the Vancouver CMA, the apartment vacancy rate was statistically unchanged from the April 2011 level.
"An increase in employment, growth in the population and the affordability of rental housing compared to ownership housing were key factors exerting downward pressure on vacancy rates this spring," noted Carol Frketich, CMHC's BC Regional Economist.
Apartment rents rose slightly in April 2012 compared to a year ago. The average two-bedroom apartment rent was $1,036 per month in April 2012, while the average one-bedroom apartment rent was $892 in CMHC's Spring Rental Market survey. The estimated same sample2 rent increased 2.3 per cent in April 2012 compared to April 2011 rents.
As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.
For more information, and to download CMHC's housing reports, please visit CMHC's website at www.cmhc.ca/housingmarketinformation or call 1-800-668-2642.
(1) CMHC's Rental Market Survey is conducted twice a year in April and October, to provide vacancy, availability and rent information on privately initiated structures in all centres with populations of 10,000 and more across Canada. Reports are released in June and December. Note that there are differences between the fall and spring surveys. The spring survey covers apartment and row structures containing at least three rental units, and, unlike the fall survey, does not report information on: a) Smaller geographic zones within centres; b) Secondary rental market (rented condominium apartments, single detached, semi-detached, duplexes or accessory apartments).
(2) The percentage change of average rent is a measure of market movement and is based on those private apartment structures that were common to the survey sample for both years.
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