Vernon’s rental rates climbed in 2023, but so did the vacancy rate

Mar 1, 2024 | 12:00 PM

Prices for shelter in Vernon continued to climb in 2023, but more housing has become available.

The Canada Mortgage and Housing Corporation’s (CMHC) private rental market report stated the average rental rate for private units in Vernon was $1,259 last year, marking an 11.2 per cent increase from the average rate of $1,132 in 2022.

In terms of apartments, one bedroom units saw the largest annual hike, climbing 11.8 per cent to an average of $1,121 per month in 2023.

Bachelor units rose by 9.3 per cent to $783; the rate for a two bedroom apartment was up 7.1 per cent to $1,435; while the price for three bedroom units climbed 6.7 per cent to $1,433.

Townhouse rental rates saw a large spike. CMHC’s data showed the average rent for a thee bedroom townhouse jumped 48 per cent from $1,073 to $1,589 per month.

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The rental rates for a two bedroom townhouse saw slight growth, rising 1.9 per cent to $1,204.

CMHC reported the average rental rate for a one bedroom townhouse in Vernon was $778 in 2023, though data was not provided for the year prior.

Though rates were up, CMHC’s data did show that Vernon’s vacancy rate rose.

Data from the agency stated the vacancy rate was 1.6 per cent in 2023, up from the 0.7 per cent rate the year before.

CMHC’s report also saw some new housing come online in the city last year, with the largest growth recorded in one bedroom apartments

	Apartment	Townhouse
Bachelor	82 (2023) / 82 (2022)	54 (2023) / 54 (2022)
One Bedroom	765 (2023) / 677 (2022)	38 (2023) / 34 (2022)
Two Bedroom	820 (2023) / 820 (2022)	46 (2023) / 36 (2022)
Three Bedroom	114 (2023) / 114 (2022)	99 (2023) / 95 (2022)

Provincially, the average rental rate of a private unit in British Columbia was $1,660 in 2023, marking an 8.4 per cent annual increase.

B.C.’s vacancy rate was 1.2 per cent last year, down from the 1.3 per cent rate in 2022.

The CMHC report noted Canada’s vacancy rate for a purpose-built two bedroom unit was 1.5 per cent in 2023. Rent for this style of unit was recorded at an average $1,359, marking an eight per cent annual increase.

The national vacancy rate for an average two bedroom condominium was 0.9 per cent. The average rent for that type of housing came in at $2,049.

CMHC’s report was based off data collected in October of 2023.

by Liam Verster

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