Vancouver renters had an easier time finding accommodation this fall, according to a report from the Canada Mortgage and Housing Corporation (CMHC), but while availability is up, affordability is down.
Rental vacancy rates in Vancouver rose to 2.8 per cent in October 2009 — an increase of 1.8 per cent over the same period last year — after sitting below one per cent since January.
Vancouver remained the most expensive rental city in the country with the average two-bedroom apartment costing $1,169 — that’s a 2.9 per cent increase from 2008.
Robyn Adamache, senior market analyst for CMHC, sees the rise in availability in rental properties as a sign of tough economic times. Adamache also said she anticipates that 2010 will follow these same market trends.