FORT ST. JOHN, B.C. – In 2018, the rental vacancy rate has gone up across British Columbia.
In a report released by Canada Mortgage and Housing Corporation, it says that the average apartment vacancy rate in B.C. has increased to 1.4 percent in 2018 from 1.3 percent in 2017.
Meanwhile, the report says vacancy rates in Northeast B.C. declined again in 2018 after peaking in 2016 following a broad-based pullback in commodity prices, particularly oil and natural gas.
Despite some downward movement, vacancy rates in Fort St. John and Dawson Creek remain elevated at 16.7 percent and 9.0 percent; the highest percentages within the Peace. These rates are down from 19.2 percent and 11.7 percent.
These high vacancy rates are expected to drop within the next year as oil and natural gas projects start returning to the Peace.
CMHC conducts the survey based on telephone interviews and site visits, from information provided by owners, managers, or building superintendents. The survey is conducted during the first two weeks of October, and the results reflect market conditions at that time.