CMHC Releases 2012 Vancouver Rental Market Report
CMHC has just released their 2012 rental market report for Vancouver. Some highlights:
- The average vacancy rate rose to 1.8 per cent in October 2012 from 1.4
per cent in October 2011. - The average rent increase for two-bedroom apartments between October 2011 and October 2012 was 2.3 per cent. The general rate of inflation for this period was 0.7 per cent.
- Areas close to Vancouver City, such as Richmond, North Vancouver, and West Vancouver, reported similar low vacancy of around 1%. In contrast, Coquitlam, Port Moody, and Port Coquitlam, where home prices are relatively lower, recorded average vacancy rates of 3.2 per cent.
- A supply increase of 3,724 rental condominium apartment units helped to keep the rate of rent increase contained.
- The Vancouver rental market is forecast to remain stable next year with vacancy rates expected to remain below 2.0%.
Source: CMHC