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Metro Vancouver apartment vacancy rate edges up
CMHC report finds slight increase in local vacancy rate
VANCOUVER - Metro Vancouver`s apartment vacancy rate edged up to 2.2 per cent in the spring more or less in step with most markets in British Columbia and Canada that saw higher apartment availability, a new report from Canada Mortgage and Housing Corp. said.
The increase, compared with 2.1 per cent last fall, represented opposing forces of higher levels of first-time home ownership and job cuts during the recession resulting in young tenants doubling up or moving back home. Both trends helped take renters out of the market, according to, Robyn Adamache, CMHC`s market analyst for Metro Vancouver.
Adamache added that an increase in the supply of rental housing — 2009 saw 915 new rental units added to the overall stock — also helped raise the vacancy rate.
And for Metro Vancouver, the rate is a far cry from recent years when apartment vacancy slipped below one per cent.
"I would hesitate to call it balanced, because we don`t have a measure of what is a balanced rental market," Adamache said in an interview.
Read full article here
CMHC report finds slight increase in local vacancy rate
VANCOUVER - Metro Vancouver`s apartment vacancy rate edged up to 2.2 per cent in the spring more or less in step with most markets in British Columbia and Canada that saw higher apartment availability, a new report from Canada Mortgage and Housing Corp. said.
The increase, compared with 2.1 per cent last fall, represented opposing forces of higher levels of first-time home ownership and job cuts during the recession resulting in young tenants doubling up or moving back home. Both trends helped take renters out of the market, according to, Robyn Adamache, CMHC`s market analyst for Metro Vancouver.
Adamache added that an increase in the supply of rental housing — 2009 saw 915 new rental units added to the overall stock — also helped raise the vacancy rate.
And for Metro Vancouver, the rate is a far cry from recent years when apartment vacancy slipped below one per cent.
"I would hesitate to call it balanced, because we don`t have a measure of what is a balanced rental market," Adamache said in an interview.
Read full article here