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THINGS TO DO THIS WEEKEND THURSDAY, JANUARY 23, 2020
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LOCAL NEWS – LOCAL MATTERS.
FOLLOW THE LEADER: It was round and round for cyclists on Saturday for the Western Track Challenge held at Burnaby’s Velodrome Club.
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HOUSING
Burnaby sees region’s worst drop in vacancy rate Chris Campbell
ccampbell@burnabynow.com
Burnaby has set a dubious mark when it comes to available rental housing – pushing local rents even higher. Burnaby saw Metro Vancouver’s largest decline in overall vacancy rates, dropping from 2% to 1.3%, according to data from Canada Mortgage and Housing
Corp. This means far fewer units are available to renters as the number of available units in Burnaby has almost halved over a year. Eric Bond, CMHC’s senior specialist of market analysis, told the NOW in an interview, “The rental vacancy rate decreased in Burnaby in 2019, and that coincided with a year in which the universe of rental
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apartments also decreased by 255 units.That’s due to the number of units taken offline, because of eviction and demolition, exceeding the number of new rental units that were completed. Burnaby led the region last year in terms of condo construction, and it’s not always clear whether removals from the rental universe are in fact replaced with rental, or replaced with condos or
other development.” The overall rental vacancy rate (the percentage of overall rental units that are vacant and available) has increased only incrementally, to 1.1% across Metro Vancouver, compared with 1% one year previously. All this demand has resulted in average rents across the region increasing by 4.7% compared with one year earlier (up 4.6% in the
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City of Vancouver, 4.9% in Burnaby and 7.7% in West Vancouver). These figures are above the provincially set rent control cap of 2.5% per year. The reason average rent increases can outstrip rent control is that rent control is only applied to existing tenants, meaning landlords cannot increase a tenant’s rent by more than 2.5% per year.
As landlords can put rents up by any amount between tenancies, and tenancies tend to have a high turnover, average rents can easily rise by more than rent control. Burnaby regularly ranks as the third-most-expensive rental market in Canada, behind Vancouver and Toronto, according to rental website PadMapper.
Glenn Chivers
604-420-9100 GlennChivers@remax.net ChiversBell.ca
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