Vacancy Rate Down In P.G.

Friday, December 15, 2006 03:58 AM

CMHC’s annual rental market survey shows vacancy rates are dropping in Prince George as they are in the rest of the Province. The latest stats show the P.G. vacancy rate fell from 3.2% in October of 2005, to 2.6% in October of this year.

Rents in Prince George are climbing, as the average rent for a two bedroom apartment in October of 2005 was $570 dollars, and in October of 2006 rent for the same apartment had climbed to $622.

Provincially, the vacancy rate fell from 1.9 October of last year, to 1.2% in October of 2006.

“Increased rental demand resulting from solid provincial economic conditions partially offset the number of units vacated as people moved from rental to homeownership,” said Andy Ni, Market Analyst. “Rental demand was fuelled by an increasing number of inter-provincial migrants attracted by a robust job market in BC, as well as a high level of international migrants coming to the region.”

Across 27 urban areas in British Columbia, eight reported a vacancy rate lower than 1 per cent, including Vancouver (0.7 per cent), Victoria (0.5 per cent), and Kelowna (0.6 per cent).

On the other end of the scale, even though the vacancy rate declined in these two communities, both Prince Rupert (at 20.5%) and Kitimat (34.9%) recorded the highest vacancy rates in the province in 2006.

Rental Market Statistics, British Columbia

Area	Vacancy Rate Oct. '05	Vacancy Rate Oct. '06	Rent 2 bedroom apt. Oct.'05	Rent 2 bedroom apt. Oct. '06
Prince George	3.2	2.6	$570	$622
Ft. St. John	2.3	0.8	$700	$786
Kamloops	1.6	0.9	$634	$680
Kelowna	0.5	0.6	$755	$800
Vancouver	1.4	0.7	$1,004	$1,045
Victoria	0.5	0.5	$837	$874