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

North Saanich submits ALR exclusion despite large opposition

Opposed North Saanich residents now shift their attention to ALC after 6-1 council vote

Court strikes down Sidney’s denial of proposed cannabis store

Justice Jennifer Power orders municipality to reconsider application and pay court costs

Public welcomed back to Sidney Spit ferry and camping ground

Service opens July 20 with new ferry contractor and other pandemic-related changes

VicPD seeking witnesses for fatal crash on Hillside Avenue

A pedestrian was taken to hospital with life-threatening injuries, where she later died

B.C. ends short experiment with growler fills at restaurants

Province extends take-out sales of six-packs, wine

Study suggests 8 times more people in B.C. infected with virus than confirmed

The study looked at anonymous blood samples collected for reasons unrelated to COVID-19

Greater Victoria Crime Stoppers wanted list for the week of July 13

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

Victoria baseball club’s new Nanaimo rival team unveils NightOwls name

West Coast League baseball club will play ball under the lights next season

‘We’re not busting ghosts’: Northern B.C. paranormal investigators check out bistro

Paranormal North Coast British Columbia recently checked out PF Bistro at City Centre Mall.

Russian hackers seeking to steal COVID-19 vaccine data: intel agencies

It is believed APT29, also known as ‘the Dukes’ or ‘Cozy Bear’ was responsible

Twitter racing to unravel mystery cyberattack

Some of the world’s most prominent names had their Twitter accounts post invitations for an apparent Bitcoin scam

B.C. announces funding to support post-secondary students with disabilities

The province is investing $275,000 in the new BCcampus website

Tough time for tree fruits as some B.C. farm products soar

Province reports record 2019 sales, largely due to cannabis

Most Read