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Vancouver, Toronto rental markets face rising rents, extremely low vacancy: survey

B.C. has among the tightest rental markets in the country, with smaller cities increasingly facing vacancy rates that are at or near zero, while rents are rising faster than the national average.

The Canada Mortgage and Housing Corp.'s annual rental market survey, released on Tuesday, shows the cost of rental apartments in Vancouver and Toronto remains the highest in the country, with a two-bedroom unit in a private rental building priced at an average of $1,550 in Vancouver and $1,400 in Toronto. An investor-owned condo cost an average of $2,300 for Toronto and almost $1,900 in Vancouver. Vacancy rates are less than 1 per cent in those two large metro areas.

But places such as Squamish, Nelson, Kelowna, Abbotsford, Campbell River and Penticton are seeing vacancy rates even lower than the 0.9 per cent in Vancouver.

Full article available here: https://www.theglobeandmail.com/news/british-columbia/bc-rental-market-remains-strained-survey/article37122063/

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