Kitsilano Condo

Kitsilano apartment vacancy rates increasing

 A just released Canada and Mortgage Housing Corporation (CMHC) report states that apartment vacancies are increasing in neighbourhoods like Kitsilano, Fairview, downtown, and other area’s of Metro Vancouver. 

According to the vacancies increased to 2.2 percent in the spring, which is line with most markets in BC and Canada which also saw higher apartment availability. An increase of first time home ownerships and an increase in unemployment which caused some to move home or move in with friends both contributed to take renters out of the market.

In recent past Vancouver’s vacancy rate has hovered at least than 1 percent so the increase can be seen as healthy. There are some options out there for tenants, and landlords that price their apartments reasonably will be able to rent out there units in minimal time.