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B.C. has some of the highest rents, lowest vacancy rates in Canada: CMHC rental market survey

According to a new CMHC survey of the primary rental market, B.C. has some of the lowest vacancy rates in Canada. THE CANADIAN PRESS/Darryl Dyck

The overall vacancy rate for rental apartments in Canada fell for the second year in a row, according to the Canada Mortgage and Housing Rental Market Survey released Wednesday.

The vacancy rate was three per cent in 2017 but fell to 2.4 per cent this year.

READ MORE: Vancouver, where an ‘affordable’ 3-bedroom unit rents for $3,333, if you ask the city

CMHC’s report covers the primary rental market, which includes units in purpose-built rental buildings, while the secondary market covers condominium apartments offered for rent.

The vacancy rate in B.C.’s primary rental market went up slightly to 1.4 per cent, compared to 1.3 per cent last year.

WATCH: Small Vancouver West End apartment listed at $2,100 a month

Click to play video: 'Small Vancouver West End apartment listed at $2,100 a month'
Small Vancouver West End apartment listed at $2,100 a month

Some of the lowest vacancy rates were recorded in Vancouver at one per cent, Abbotsford-Mission at one per cent and Victoria at 1.2 per cent.

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The highest monthly rental cost for a two-bedroom apartment in the country was in Vancouver at $1,649, up 5.5 per cent from 2017.

Rents in Kelowna were up 9.4 per cent, while rental costs rose 7.6 per cent in Victoria and 8.2 per cent in Abbotsford-Mission.

LISTEN: Principal market analyst for the Canadian Mortgage and Housing Corporation Eric Bond talks us through the numbers:

READ MORE: Kelowna listed as 8th most expensive place to rent in Canada

In the secondary rental market, it was a similar story for rental condos.

Vancouver had the lowest vacancy rate in the country at 0.3 per cent and the second-highest monthly rent at $2,034, about $300 below Toronto.

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