Chilliwack vacancy rate at 1.5 per cent

Premier John Horgan says housing will be a top priority in February's budget

That compares to a provincewide average rent of $1,164 up from $1,099 a year ago.

"Rising costs of homeownership forced more people to seek and remain in rental accommodation", CMHC said in its report. By comparison, Vancouver's rate is 0.9 per cent and Toronto is 1.0 per cent.

The organization today released its annual Rental Market Report, detailing the cost and availability of rental units across the country.

The average rent for all private apartments in Chilliwack was $820 in October 2017, that's up from $758 in October 2016.

The Canadian Mortgage and Housing Corporation (CMHC) reports that Saskatchewan's overall vacancy rate remains unchanged at 9.3 per cent and the average rental price in the province is $975. The average rent in Toronto is now $1,404 for a two-bedroom apartment and $2,301 for a two-bedroom condo.

The report noted Victoria's overall rental vacancy rate improved to 0.7 per cent from 0.5 per cent past year, while its purpose-built rental vacancy rate hit 0.6 per cent, ranking it third worst in the country behind Kelowna and Abbotsford which both recorded a 0.2 per cent vacancy rate. And of that number, 51 per cent reported spending more than 30 per cent of pre-tax income on rent and 22 per cent reported paying more than 50 per cent. A two-bedroom apartment averages $1,552 while a two-bedroom condo averages $1,874.

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In Ontario, monthly rent can automatically be raised each year but only by a set amount established by the government.

Once a tenant moves out, there is no limit on how much a landlord can charge. "Weak labour market conditions and a decline in population have impacted rental demand in Wood Buffalo".

The number of actual rental units increased by 2,577, in part, thanks to the completion of some housing projects. That's up from 5.5 per cent in October 2016.

The report says the largest rent increases were also found in B.C., with Kelowna at 8.6 per cent and Victoria at 8.1 per cent.

The national strategy included a pledge to use a yet-to-be-specified portion of a $15.9-billion national co-investment fund for repairs for social housing stock. Our weekly newsletter delivers the news and analysis you need on Canada's housing market. "Zero vacancy rates in our major cities makes it increasingly hard for industry and particularly high-tech industries to attract new workers if they can't find a place to live". "For this reason we will be working hard to ensure that all orders of government are working together in co-operation with housing providers to make this a success".

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