Kamloops’ vacancy rate at 1.3%

According to the Canada Mortgage and Housing Corporation, the average rent in the city in October was $988

While Kamloops’ vacancy rate was largely flat in October compared to the same time last year, analysts say a number of new rental projects under construction could have an impact on data in 2019.

The city’s vacancy rate last month was 1.3 per cent, up slightly from 1.2 per cent in October 2017. Vacancies are higher on the North Shore than on the South Shore.

article continues below

There are 319 rental units under construction in Kamloops, apartments that will push the total number of rental units in the city — not including private rentals like basement suites and condos or homes rented by owners — to 3,800.

It will be the first significant spike in supply in more than five years.

Taylor Pardy, Canada Mortgage and Housing Corporation’s regional economist for B.C., said the new apartments could bump up the city’s vacancy rate.

“It really depends on future rental demand,” he said. “If we continue to see modest population growth with these new rentals, we might see vacancy rates start to move up.”

The increase in supply could also mean a drop in rental rates, which have been rising consistently in recent years. Last month, renters in Kamloops paid an average of $988 — up from $874 the same month a year earlier.

In October, Kamloops bachelor suites rented for an average of $763, one-bedrooms for $935, two-bedrooms for $1,084 and three-bedrooms or more for $1,252 — each about $100 more than 12 months earlier.

“In terms of rent, when you get to a place where supply starts to catch up with demand, you might see that moderate a little bit,” Pardy said.

© 2018 Kamloops This Week

Comments

NOTE: To post a comment you must have an account with at least one of the following services: Disqus, Facebook, Twitter, Google+ You may then login using your account credentials for that service. If you do not already have an account you may register a new profile with Disqus by first clicking the "Post as" button and then the link: "Don't have one? Register a new profile".

The Kamloops This Week welcomes your opinions and comments. We do not allow personal attacks, offensive language or unsubstantiated allegations. We reserve the right to edit comments for length, style, legality and taste and reproduce them in print, electronic or otherwise. For further information, please contact the editor or publisher, or see our Terms and Conditions.

comments powered by Disqus
KTW Daily News Alerts
KAMLOOPS WEATHER

Question of the Week POLL

Deadline to return electoral reform ballots is Friday, Dec. 7. Will you have voted by deadline day?

or  view results

Popular Kamloops This Week

Events Calendar