Vacancy rate hovers below 1 per cent in Victoria

This is slightly below the provincial average of 1.3 per cent for October 2017

Rental vacancy rates remain near all-time lows throughout many areas of British Columbia, including the provincial capital.

In Victoria the vacancy rate is less than one per cent for both primary rental units and rented condominiums. This is below the provincial average of 1.3 per cent for October 2017.

Demand continues to rise in B.C. due to employment growth and high levels of migration throughout 2016 and 2017, according to a release from the Canadian Mortgage and Housing Corporation.

“Population growth, especially among the 20-34 and 65+ groups, contributed to stronger demands for rental housing as young adults and seniors have a higher tendency to rent,” stated a portion of their release.

“Furthermore, rising house prices and low inventories of housing stock for sale in major centres, coupled with higher effective mortgage interest rates, have contributed to more households renting longer while they save for a larger down payment, delaying their movement into homeownership.

Victoria also displayed one of the the highest absolute increases in the number of primary rentals added to the market this year with 545 units. Some of these projects are multi-family apartment buildings, which take longer to complete, but will continue to add to the supply through 2019.

Across the board, only six of the 27 urban centres surveyed recorded higher vacancies this year than last.

The average rent for a one-bedroom in 2017 is $1,114 and $1,296 for a two-bedroom unit. In Victoria, rent increased by 7.7 per cent this year with the average one-bedroom rending for $1,169 and average two-bedroom fetching $1,544

Rental condos make up a quarter of the entire rental unit supply in Victoria.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Island riders conquering new heights

With no races, cyclists tackle Everest challenge to lift community

Saanich police search for suspect accused of using stolen credit, debit cards

Greater Victoria Crime Stoppers says suspect made numerous fraudulent purchases

Homeless woman sentenced to 18 months in jail for selling drugs to Victoria police officer

Officer paid $20 for a substance consisting of heroin, fentanyl and caffeine

Family restaurant to hold Saturday fundraiser for Beirut blast

Wrap and Roll will donate all sales to victims of blast

Police looking for witnesses of alleged assault in Burnside Gorge’s Cecila Ravine

Concerned woman pushed to the ground, had phone broken while taking a photo of a dog

53 new COVID-19 cases, no new deaths cap off week of high infection rates in B.C.

Roughly 1,500 people are self-isolating because they either have COVID-19 or have been exposed to it

Fitness non-profit challenges citizens to invent a game to be physically active

The campaign was launched after a study showed only 4.8 per cent of children and youths in Canada met required standards of the 24-hour movement guidelines

VIDEO: U.S. Air Force pilot does fly-by for B.C. son amid COVID border separation

Sky-high father-son visit plays out over White Rock Pier

3 Vancouver police officers test positive for COVID after responding to large party

Union president says other officers are self-isolating due to possible exposure

Vancouver Island team takes on wacky challenges of world’s largest scavenger hunt

Greatest International Scavenger Hunt taking place Aug. 1-8

New mothers with COVID-19 should still breastfeed: Canada’s top doctor

Dr. Theresa Tam made the recommendation during World Breastfeeding Awareness Week

Collapse of Nunavut ice shelf ‘like losing a good friend:’ glaciologist

The ice shelf on the northwestern edge of Ellesmere Island has shrunk 43 per cent

Greater Victoria Crime Stoppers wanted list for the week of Aug. 4

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

POLL: Should it be mandatory to wear masks when out in public?

B.C. is witnessing an alarming rise in the number of cases of… Continue reading

Most Read