Finding a place to rent

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For the first time in years, the vacancy rate in Kelowna has gone up – slightly.

With one of the lowest vacancy rates in the country – 1.9 per cent – Kelowna has at least improved from worst in the country. Last June, the vacancy rate was just 1.5 per cent.

We're now doing slightly better than the provincial average, which dropped to 1.8 per cent in April from 2.4 per cent a year ago.

Vancouver's vacancy rate is a miniscule 1.4 per cent, down from 1.8 per cent in 2014.

“Vacancy rates moved lower this spring as increased rental demand outpaced additions to rental supply,” explains Carol Frketich, CMHC’s BC Regional Economist.

“Most of the province’s 27 centres surveyed in April reported lower vacancy rates compared to a year earlier. Apartment vacancy rates ranged from 1.0 per cent in Parksville to 8.9 per cent in Dawson Creek.”

It isn't all good news though – while there are now more rentals available in Kelowna, they are going to cost you more. 

The city-wide average rent for a two-bedroom unit jumped $34 from $964/month to $998/month.

The average rent in the province also spiked $46 for a two-bedroom unit, from $1,090/month to $1,136/month.

Vancouver and Victoria remain the most expensive place to rent in the province.

A two-bedroom unit in Vancouver will cost you, on average, $1,345/month this year – up from $1,274/month in 2014. A number that also gives it the title as highest average rental price in the country.

Calgary came in second at $1,319/month, followed by Toronto at $1,269/month. 

While a two-bedroom unit in Victoria will cost you, on average, $1,105/month this year – up from $1,084/month in 2014.

When you looking at Western Canada as a whole, the CMHC says demand for rental apartments weakened in parts of Western Canada this spring due to the decline in the oil price.

The number of rental apartments that sat vacant in April climbed to 3.2 per cent in Calgary and 2.4 per cent in Edmonton. Both cities had rental vacancy rates of 1.4 per cent a year earlier.

Regina's rental vacancy rate climbed to 4.8 per cent in April, from 2.5 per cent a year ago.

Meanwhile, Toronto's vacancy rate remained relatively flat, at 1.8 per cent, from 1.9 per cent previously.

CMHC chief economist Bob Dugan said stronger economic conditions in Ontario and B.C. offset the negative impact of energy prices in Western Canada, leaving the national average vacancy rate relatively flat in April at 2.9 per cent.

That compares to 2.7 per cent in April 2014, a change that the CMHC says is not statistically significant.

"In Ontario, improving employment conditions for young adults aged 15 to 24, a key source of rental demand, and a stable supply of rental units placed downward pressure on vacancy rates, while increased immigration to British Columbia, another key source of rental demand, more-than-offset an increase in the province's rental market supply," says Dugan.

– with files from The Canadian Press