The Canadian Mortgage and Housing Corporation’s latest Rental Market Report says vacancies are down, and rents are up.
The provincial average saw apartment vacancy rates drop from 1.5% to 1.2%.
Vacancy rates in Terrace dropped from 3.2% to 2.5% from October 2014 to October 2015.
In that period, rent went up from an average of $763 to $833 per month, with the BC average rising from $998 to $1,035.
Vancouver continues to have the highest average rent cost, growing from $1,099 to $1,144 from October 2014 to October 2015, as well as the lowest vacancies, dropping from 1% to 0.8%
Jill Atkey is with the BC Non-Profit Housing Association, and she says the stocks of available rental units have stagnated while demand has increased.
She says there’s hope though that the federal government may push for more rental housing.
She adds, more and more people are now affected by the housing crunch, with about 15,000 people on the wait list for subsidized housing throughout the province.