Rent prices fall in Prince Rupert says study

The Canada Mortgage and Housing Corporation released 2018 rent stats for B.C.

Average rent prices have gone down in Prince Rupert over the past year, a recent study by the Canada Mortgage and Housing Corporation (CMHC) says.

READ MORE: Average rent increased by $132 in Prince Rupert

The CMHC surveyed tenants in 28 different B.C. cities with populations over 10,000 to document changes in rent, vacancy rates, apartment availability and other trends between October 2017 and 2018.

Over that period, the average rent in a townhouse or private apartment dropped from $866 to $850 in Prince Rupert. This decrease bucked the trend in the Northern B.C. as renters in Terrace and Prince George all experienced increases over the same period.

average rents in Prince Rupert vs Other Cities
Infogram

The decrease was caused by the large number of two-bedroom apartments in Prince Rupert that charged less overall for rent in 2018 than in 2017. There are currently 400 two-bedroom apartments in Prince Rupert, compared to 59 bachelor apartments, 286 one-bedroom apartments and 183 three-bedroom apartments.

Judy Park, a property manager in Prince Rupert with Tinker Realty, said a lot of those two bedroom properties usually have long term tenants living in them with lower rents that have remained steady over time.

“We’ve got long term tenants, especially when the oil and gas happened a few years ago, where we had very few people moving because if they moved they knew they would have to pay a lot more rent than what they were paying,” Park said. “So for us, we haven’t had a lot of turnover because people having been staying where they are.”

Rent prices in two-bedroom apartments decreased from $919 to $876 from Oct. 2017 to Oct. 2018. Renters paid $843 in Oct. 2018 for a one-bedroom apartment or townhouse suite, which is $34 increase over what similar living quarters cost in the same month last year. Bachelor and three-bedroom apartments also rose from $622 to $636 and from $887 to $894 respectively.

Rent comparisons between Terrace and Rupert
Infogram

Vacancy rates also decreased over the past year in Prince Rupert for one-bedroom apartments (3.6 per cent to 2.1 per cent) and three-bedroom apartments (3.4 percent to 3 percent) indicating that living space is still becoming less available (vacancy rates for bachelor suites were unavailable in the report). However, two-bedroom apartments bucked the trend once more, this time increasing (3.8 per cent to 5.7 per cent).

READ MORE: Rent continues to rise in Prince Rupert, drops in Terrace

The average rent in Prince Rupert increased by $132 in 2017. At the end of 2018’s first quarter, house values increase by 5.9 percent from 2017 in Prince Rupert.



newsroom@thenorthernview.com

Like us on Facebook and follow us on Twitter

Just Posted

Fires still burning near Telegraph Creek

BC Wildfire Service assures residents of a proactive plan heading into wildfire season

Northwest B.C. leaders divided over oil tanker ban

Senate hearings in Prince Rupert and Terrace show Bill C-48 is at a crossroads

Northwest entrepreneurs pitch their plans for cash prizes

ThriveNorth announces 12 finalists in this year’s business challenge

Speakers announced for TEDx talks in Prince Rupert Apr. 19

Seven speakers will present on topics ranging from aquaculture to medicine to Indigenous culture

Prince Rupert’s alternate school students find Pura Vida in Costa Rica

Pacific Coast School organized an international school trip for the first time

VIDEO: Alberta man creates world’s biggest caricature

Dean Foster is trying to break the world record for a radio show contest

Should B.C. lower speed limits on side roads to 30 km/h?

Vancouver city councillor wants to decrease speed limits along neighbourhood side roads

Lawsuit eyed over union-only raise for B.C. community care workers

‘Low-wage redress’ leaves 17,000 employees out, employers say

Landlord of alleged Okanagan shooter recounts deadly day

Tony Friesen was working in one of the units of his Penticton building when he heard shots

Foreign national arrested in connection to thefts at YVR

A woman, 60, is being held in police custody as Richmond RCMP investigate

Police pursue pesky porker on Vancouver Island

‘This was allegedly not the pig’s first escape’

Westjet tries again to dismiss proposed class-action lawsuit alleging discrimination

Former flight attendant claims airline broke contractual promise to create harassment-free workplace

Man airlifted to hospital after apparent hunting incident in East Kootenay

The man was in stable condition when he was flown out of Fairmont Hot Springs to a Calgary hospital

Police probe eight fires set at B.C. elementary school

Nanaimo RCMP say fires appear to have been set intentionally

Most Read