H o u s i n g M a r k e t I n f o r m a t i o n
Rental MaRket RepoRt
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C a n a d a M o r t g a g e a n d H o u s i n g C o r p o r a t i o n
Table of contents
Victoria CMA
Fall 2009
Highlights
Vacancy rates edge up in 2009
Modest rent increases observed
Secondary rental market adds to rental stock
2 More Choice For Renters
2 Vacancy Rates Move Higher
2 Average Rents Edge Up
2 Condominiums Supplement
the Rental Stock
3
Solid Rental Market Demand
to Continue
3 Rental Affordability Indicator
4 National Vacancy Rate
Increased in October 2009
5
Survey Zone Map
8 Rental Market Report Tables
32 Methodology
Figure 1
COAS T
GILLESPIEROCKY
POINTCOAST
SOOKE
07
1.0%
05
1.3%
08
1.4%
04
2.1%
06
1.9%
02
0.8%
10
2.3%
01
1.2%
03
1.1%
N
0
2.5
5
1.25
Km
Legend
2009 vacancy rate for Zone 01
Vacancy rate in 2009 the same as 2008
Vacancy rate in 2009 higher than 2008
Vacancy rate in 2009 lower than 2008
1.2%
The 2009 apartment vacancy rate
for the Victoria CMA is: 1.4%
2
Canada Mortgage and Housing Corporation
Rental Market Report - Victoria CMA - Date Released - Fall 2009
More choice For renters
Renters are having an easier time
finding accommodations in Victoria
this year. A sluggish local economy and
labour market, and a recent surge in
homeownership has moved vacancy
rates up.
As the level of employment has edged
lower, relatively fewer people have
moved to the region. Historically
low mortgage rates and lower home
prices reduced monthly mortgage
carrying costs, and encouraged
some renters to exit the rental
market in favour of homeownership.
Near record levels of apartment
condominium resa