Published: Fri, December 01, 2017
Markets | By Noel Gibbs

Kamloops rental vacancy rate sits at 1.2%

Kamloops rental vacancy rate sits at 1.2%

"Despite record construction of new units, strong demand for rental accommodation kept the vacancy rates below 1 per cent for both primary rental apartments and rental condominium apartments", CMHC said.

That compares to a provincewide average rent of $1,164 up from $1,099 a year ago.

"Developers have responded to the imbalance as 1,842 rental apartments are now under construction, representing the most significant contribution to the purpose-built rental universe in decades", the report said.

The situation is particularly dire in and around Toronto and Vancouver, where many cities have crisis-level vacancy rates below 1 per cent.

The rest of the country is feeling some of that same pinch, as the average vacancy rate for purpose-built rental apartment units decreased from 3.7 per cent in the fall of 2016 to 3.0 per cent this year.

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Grande Prairie is below the average, with the average rent for an apartment at $951.

A shift away from home ownership and a growing population have conspired to keep Victoria's rental vacancy rate among the lowest in the country, says a study released Tuesday by Canada Mortgage and Housing Corporation.

The Rental Market Survey, conducted annually, said the average rent in the Hamilton Census Metropolitan Area (which includes Burlington and Grimsby) has jumped from $967 in October of previous year to $1,020 in October 2017.

The average cost of a goal built apartment in the GTA, according to the report, was about $1,300 and nearly $2,080 to rent a condominium.

The report pointed out that between 2011 and 2016, the region added 9,340 households, and that 80 per cent of those chose to rent rather than buy a home. A two-bedroom apartment averages $1,552 while a two-bedroom condo averages $1,874. Landlords can apply for an additional increase if they can prove they have done necessary capital fix work on buildings.

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The settlement included a reduction in planned rent increases at six buildings in Parkdale and the creation of a new rent-relief or assistance program run by MetCap staff to provide more security for lower-income tenants.

GP's apartment turnover rate is 36.2 per cent, just slightly higher than the provincial average. The current rate is in line with the 10-year average.

"Housing is the No. 1 issue on my desk right now", said Horgan.

Across B.C., the number of purpose-built rental units increased one per cent year-over-year, but in Chilliwack it went up 3.2 per cent. That's up from 5.5 per cent in October 2016. Our weekly newsletter delivers the news and analysis you need on Canada's housing market. In the city centre, the vacancy rate is tighter at 0.5 per cent, from 0.9 per cent. "For this reason we will be working hard to ensure that all orders of government are working together in co-operation with housing providers to make this a success".

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