According to a Canada Mortgage and Housing Corporation November report, Vancouver’s already-low apartment vacancy rate has fallen to 0.8 per cent, down from 1.0 per cent last year and 1.7 per cent two years ago. As fewer apartments have become available, the average rent for a two-bedroom apartment has increased 4.6 per cent to $1,360.

Across B.C., the vacancy rate dropped from 1.5 per cent last year to 1.2 per cent, and the average rent for a two-bedroom apartment has jumped 3.8 per cent, reaching $1,147. Vacancy rates in in Kelowna and Victoria are 0.3 per cent and 0.6 per cent respectively, making it even more difficult for renters to find apartments than those in Vancouver. Abbotsford-Mission has seen its vacancy rate plunge over the last year, from 3.1 per cent to 0.9 per cent.

The vacancy rate is significantly lower than the national average of 3.5 per cent, which is up half a percentage point compared with the year before. The average rent in Canada for a two-bedroom unit has increased 2.3 per cent to $934.