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CMHC: Spring Vacancy Rates Low Across British Columbia
Canada Mortgage and Housing Corporation: Spring Vacancy Rates Low Across British Columbia <VANCOUVER, BRITISH COLUMBIA--(June 6, 2007) - Apartment vacancy rates in more than half of British Columbia's cities and towns were below one per cent in April according to Canada Mortgage and Housing Corporation's (CMHC's) Spring Rental Market Survey(1). Vancouver's vacancy rate was 0.9 per cent, slightly higher than Victoria at 0.8 per cent and Kelowna at 0.7 per cent. Higher rental vacancy rates in the more resource-dependent regions pushed up the provincial average to 1.2 per cent in April. "A number of factors are behind the low vacancy rates," said Carol Frketich, BC Regional Economist at CMHC. "These include job gains among young people, a low unemployment rate attracting people to the province, and a widening gap between the cost of renting and the cost of carrying a mortgage." On the supply side, there has been very little purpose built rental started in the province during the past five years. The secondary rental market, which includes condo apartments and secondary suites, for example, has been the main source of supply during this period. Vacancy rates and rents which include secondary rental accommodation are collected for Vancouver, Kelowna and Abbotsford ... more

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