Rent Prices Up, Vacancy Rate Holds

Nov 28, 2018 | 2:16 PM

Vernon saw no change to its apartment vacancy rate over the last year, but the price for rent has gone up slightly.

The latest report from Canada Mortgage and Housing says the city’s vacancy rate was 1.5% in October, same as a year ago.

Rent is up 3 percent, or $26, to an average of $862 a month.

Kelowna’s vacancy rate, which was among the lowest in Canada last year at 0.2%, has improved to 1.9%, due to about 500 new rental units opening up.

The average rent was up $90 a month ($1043 to $1133), which works out to an 8% increase.

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BC’s vacancy rate increased to 1.4% in October 2018 from 1.3% in October 2017.

“Based on the structures common to the 2017 and 2018 surveys, the average apartment rent in British Columbia increased by 6.3%, compared to 5.8% a year earlier. Vacancy rates for rented condominiums remained below 1% in Vancouver, Victoria and Kelowna,” says CMHC.

You can read the BC market report here

by Corey Fischer