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Metro Vancouver home hunters are seeing relief on two fronts, with rental-apartment vacancy rates rising and new-home prices falling, according to new statistics released Wednesday.
Vacancy rates for two-bedroom apartments rose to 2.1 per cent in Metro Vancouver in April, a substantial jump from 1.5 per cent a year ago, Canada Mortgage and Housing Corp. reported Wednesday.
Across British Columbia in April, the vacancy rate for two-bedroom apartments varied from one per cent in Victoria to five per cent in Abbotsford.
The higher vacancy rates in Metro means advertisements for apartments are drawing two or three applications instead of 15 to 20, as was the case a couple of years ago when the vacancy rate hovered near zero, said David Goodman, a realtor who specializes in apartment buildings.
"It makes for a somewhat healthier market that there is a bit of equilibrium," said Goodman, who is with Macdonald Commercial Real Estate Services Ltd.
"There hasn`t been much of that over the past three to six years," he said.
One reason for rising vacancy rates is the movement of first-time home buyers leaving their rental suites and taking possession of newly built homes, Robyn Adamache, a Canada Mortgage and Housing analyst said in an interview.
Read the full article here.
Vacancy rates for two-bedroom apartments rose to 2.1 per cent in Metro Vancouver in April, a substantial jump from 1.5 per cent a year ago, Canada Mortgage and Housing Corp. reported Wednesday.
Across British Columbia in April, the vacancy rate for two-bedroom apartments varied from one per cent in Victoria to five per cent in Abbotsford.
The higher vacancy rates in Metro means advertisements for apartments are drawing two or three applications instead of 15 to 20, as was the case a couple of years ago when the vacancy rate hovered near zero, said David Goodman, a realtor who specializes in apartment buildings.
"It makes for a somewhat healthier market that there is a bit of equilibrium," said Goodman, who is with Macdonald Commercial Real Estate Services Ltd.
"There hasn`t been much of that over the past three to six years," he said.
One reason for rising vacancy rates is the movement of first-time home buyers leaving their rental suites and taking possession of newly built homes, Robyn Adamache, a Canada Mortgage and Housing analyst said in an interview.
Read the full article here.