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Hear Hot Property with Ozzie Jurock every Saturday morning between 8:30-10 am on CKNW AM980
Tip of the Week:
12/15/07
Vacancy Rates
CMHC has published its latest vacancy rate report. Across the board vacancy rates are falling. The extent to which they have fallen is surprising. One would think with all these renters buying, there would be more vacancies ... but ... here it is. Even though we are building at a record pace, we are absorbing and will continue to absorb as long as vacancy rates stay this low.
The highest is
Windsor at 12.8% UP from 10.4% last year,
Saint John at 5.2% (down from 6.8%).
Kelowna is 0% (!),
Victoria .5%,
Vancouver clocks in at .7%,
Calgary and Edmonton clock in at 1.5%.
In BC vacancy rates in Kitimat fell from 34.9% to a still high 21%,
Prince Rupert declined from 20.5% to 15% (but in 3 bedroom units it declined from 28% to 9.8%).
Quesnel vacancy rates declined from 8.3% to 3.9%, Williams Lake is marginally higher at 1.9% (!),
Kamloops stands at .5%,
Nanaimo at 1%.
If you wish to download your own area ... go to http://www.cmhc.ca/en/co/ then type either 'vacancy rates' or click on the press release on front page ... links to all areas here.
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