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Apartment rents rise slightly in Metro Vancouver, CMHC finds

Map of vacancy rate changes in southwestern B.C. - CMHC
Map of vacancy rate changes in southwestern B.C.
— image credit: CMHC

Metro Vancouver apartment vacancy rates are down slightly to 1.7 per cent and monthly rents have climbed $10 to $20 from a year ago, according to a new survey.

The Canada Mortgage and Housing Corp.'s Rental Market Report shows the average rent paid for a one-bedroom apartment in Metro Vancouver is now $1,005 (up from $982), while two-bedroom units rent on average for $1,281 (up from $1,261.)

Apartment demand has been fanned by the nearly 30,000 new residents who moved to Metro Vancouver from other countries in 2012, the report said.

It's cheaper in Victoria, where average one-bedroom rents are $833, and the Abbotsford-Mission area is even more affordable at $676. Average rents below $600 were measured in Terrace, Prince Rupert, Williams Lake, Powell River, Port Alberni and Quesnel, which came in lowest at $534 for a one-bedroom apartment.

The vacancy rate rose slightly in Victoria to 4.0 per cent, but dropped in Abbotsford-Mission to 3.9 per cent.

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