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

CRD explores option to use Oak Bay Lodge for people who are homeless

Motion asks staff to work with BC Housing, Island Health on possibilities

Public tips lead to arrest in alleged random assault on Victoria bus

June 19 incident was recorded by onboard camera

Sidney asking tourists to respect health guidelines

Messaging says Sidney is ‘excited to welcome smart, safe, and respectful visits’

Metchosin to test tsunami notification on Thursday evening

Approximately 80 to 100 residents in tsunami-zone

B.C. residents can go to the Royal BC Museum for half price all summer

Museum reopening in phases, COVID-19 measures in place

VIDEO: Victoria’s Raging Grannies call for end to public funding of for-profit senior homes

Organizer says COVID-19 has made senior home issues more apparent

Greater Victoria Crime Stoppers wanted list for the week of July 7

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

POLL: Would you get a vaccine for COVID-19 when it is available?

With the number of positive COVID-19 tests skyrocketing across much of the… Continue reading

Campaign aims to raise $50K for young family of deceased Vancouver Island skydiver

James Smith, 34, died July 5 following incident in Nanoose Bay

Canadian policing organization calls for decriminalization of simple illicit drug possession

Canadian Association of Chiefs of Police want policing focus of opioid crisis to be replaced with a health one

Filing deadline in RCMP sexual-harassment class-action extended due to COVID-19

Plaintiffs now have until January 2021 to submit claims for up to $222,000

Jamie Bacon pleads guilty to charge in Surrey Six case

The plea brings an end to a complex legal case that has spanned more than a decade

Hefty undeclared driver charges piling up, ICBC warns customers

Average extra penalty $2,971 after an at-fault accident

Survey, hotline launched amid probe into racist blood-alcohol guessing game at B.C. hospital

Mary Ellen Turpel-Lafond has been appointed to lead an investigation by Health Minister Adrian Dix

Most Read