The rental vacancy rate in Prince George remained flat on a year-over-year basis according to the Canada Mortgage Housing Corporation.
In 2018, the rate came in at roughly four percent, up slightly from the year prior, which was 3.8%.
As a result, the cost of rent in the northern capital saw similar increases as well.
“So two-bedroom apartments came in at $871, relative to $844 last year whereas a one bedroom apartment came in at $727 per month, compared to $702,” said Taylor Pardy, Spokesperson.
The numbers come as no surprise to local realtor Bob Quinlan who says the younger demographic is being forced to review their housing options because of the new mortgage rules.
“I’m still seeing a lot of people who are still trying to apply for mortgages that are single or they are couples and they are just having difficulty because they are being more careful on what they are choosing.”
When looking at the rental vacancy rate, the numbers crunch even tighter with the newer apartment buildings a lot higher in demand according to Pardy.
“If we look at vacancy rates for units built between 1980 and 1999 it’s about 1.6% in Prince George and if we look at units that were built in 2000 or later, the vacancy rate is basically zero.”
On the flip side, Quinlan believes the rental market has remained competitive and fits the needs of what people are looking for.
“In Prince George, our market is good, it’s good for landlords but I don’t think it is desperate as I think it depends on the individual”