A recent survey from the Canada Mortage Housing Corporation shows relative stability in terms of vacancy for primary rental units in the Williams Lake area.
“Our 2017 estimate for the percentage of units that are vacant came in at 4.4% of the overall rental stock,” says Taylor Pardy, a senior market analyst for CMHC.
“That was actually a slight decline from 2016 that came in at 4.8%.”
Average rent according to the survey in Williams Lake for a one bedroom apartment is $665 while a two bedroom unit is $776.
In Quesnel, vacancy rates according to Pardy went up slightly to 3.7% relative to 1.8% in 2016 which he says may have been due to the movement of individuals as the stock of rental units dropped.
Average rent in Quesnel for a one bedroom unit is $595 with a two bedroom unit at $666.
The survey did not include basement suites, single detached homes, or duplexes which make up the secondary market-approximately 63% in Williams Lake according to 2016 Stats Canada data.
Most primary units across BC were built in the 60’s and 70’s with 67% of the primary rental stock built then in Williams Lake with the reminder in the 80’s and 90’s.
“We haven’t really seen much building of new purpose-built rentals since then and that’s basically where the secondary market over the years has filled in,” Pardy says.
The lowest primary vacancy rate according to the CMCH survey were in the Kelowna and Mission areas which according to Pardy had just a 0.2% vacancy rate due to strong population growth over the past few years.
Vancouver is by far and away the most expensive market in the province where the average two-bedroom apartment rate is $1,870 – the second most expensive in Canada only behind Toronto.
Victoria and Kelowna are the second and third most expensive for two-bedroom apartment rates in the province at $1,544 and $1,519 respectively.