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%.

CMHC 2012 Vacancy Rates

CMHC Average RentsSource: CMHC

Source: CMHC

The Real Estate Board of Greater Vancouver released their statistics for November 2012. Some highlights:

• Resales activity in November 2012 was 30.3% below the 10-year average for November.
• The sales to active listings ratio remains unchanged at 11.0%.
• The benchmark price for single family homes on the Westside of Vancouver is down 9.7% from May 2012. West Vancouver is down 9.0% during the same period.
• Average price for detached single family in Metro Vancouver is down, to $1,053,902. Condos are down to $428,825.

Source: REBGV

Vancouver City Council heard a presentation today by the City’s Engineering Services and Director of Transportation on the various options for Broadway Rapid Transit. The presentation provided further detail on demands for transit and business opportunities on the Broadway corridor.

The City highlights the urgency to implement an upgraded form of rapid transit along the growing Broadway corridor. Currently the UBC 99 B-line is the busiest bus route in North America. The City is clearly veering their support away from LRT and toward sub-surface Rail Rapid Transit (ie. Skytrain).

While previous policy indicated a willingness for a subway only to Arbutus, there are many who are arguing for an extension of subway all the way to UBC, rather than rapid bus, which had been explored as an option. As Frances Bula points out, the University is one group that much prefers a single skytrain line all the way to UBC.

Source: City of Vancouver