Rental Vacancies Down in Victoria BC

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STRONG DEMAND FOR RENTAL HOUSING IN VICTORIA
VICTORIA, DECEMBER 11, 2008

The October 2008 rental market survey conducted by the Canada Mortgage and Housing Corporation (CMHC) indicates that Victoria apartment vacancy rates remained low for the fourth consecutive year. “With a 0.5 per cent average vacancy rate, Victoria has one of the lowest rates in the country,” said Travis Archibald, CMHC Market Analyst. “Local demand for
rental housing was driven by a large post-secondary student population, a strong local labour market, international in-migration, and the gap between the cost of owning and renting.”
While the average apartment vacancy rate across Metro Victoria remained stable at 0.5 per cent, the rate in the City of Victoria declined from 0.6 per cent to 0.4 per cent this October. The combined apartment and townhouse vacancy rate edged down from 0.5 in October 2007 to 0.4 per cent this fall.

Relative to last fall, average Victoria apartment ($818) and townhouse ($1,157) rents (for units within purpose-built rental structures) increased by seven and four per cent, respectively. Within the Victoria CMA, Esquimalt was home to the lowest average rent ($744) and Oak Bay had the highest ($931).

As Canada’s national housing agency, CMHC draws on more than 60 years of experience to help
Canadians access a variety of quality, environmentally sustainable, and affordable homes —
homes that will continue to create vibrant and healthy communities and cities across the country.

For further information:
Travis Archibald CMHC
Victoria Lee F. King
Senior Market Analyst
250-363-8040 B.C.
Corporate Representative
604-999-7420 Fax: 250-995-2640 250-363-8050
tarchiba@cmhc.ca www.cmhc.ca lking@cmhc.ca

respectfully,
Krista and Sherri

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