CMHC reported today that vacancy rates in BC decreased to 2.4% from 2.7% one year ago. The survey results are heavily influenced by Vancouver CMA, which contains nearly 2/3 of the units surveyed. CMHC reported an increase in Victoria from 1.5 to 2.1%, a decrease to 3.0% from 3.5% in Kelowna, increases in Abbotsford, Kamloops, Nanaimo and Vernon, and decreases in Chilliwack, Campbell River, and Prince George.
Average rent increases were 2.7%, marginally above inflation for the period.
The opinion of ROMS BC is that vacancy rates are generally understated. The fundamental reason being that this report is only indicative of the primary rental market - structures with three rental units or more. As an example, our research indicates that Victoria's vacancy rate is in the 4 to 5% range and has been for over a year.
Do the results seem accurate for your geographic area?
-- LandlordMentor and AdviserToTheAdvisers
