Rental markets tight in Alberta, B.C.

Vacancy rates in Canada's western provinces are the lowest in the country as the region's strong economy continues to attract workers from other provinces and immigrants, according to a Canada Mortgage and Housing Corporation survey.

"Generally speaking, vacancy rates were lowest in Alberta [0.9 per cent] and British Columbia [1.2 per cent]," said Bob Dugan, the CMHC's chief economist, in a release Wednesday."The economic expansion experienced in western provinces is attracting workers from Central and Atlantic Canada.

"Upon their arrival, many of these people settle in rental housing, which has put downward pressure on vacancy rates in major centres in Alberta and British Columbia."

The cities with the lowest vacancy rates, according to the survey, were Calgary (0.5 per cent), and Abbotsford (0.6 per cent) and Kelowna (0.7 per cent) in British Columbia.

B.C. major cities' vacancy rates below1 per cent

A competitive B.C. real estate market and a growing population have forced vacancy rates in the province to drop to below one per cent. By comparison, the national rental apartment vacancy rate was 2.8 per cent in April.

Apartment hunters had the most selection in Windsor, Ont., and Moncton and Saint John in New Brunswick, which had the highest vacancy rates in the country at 11.6 per cent, 6.1 per cent and 5.7 per cent, respectively.

Toronto, Vancouver and Calgary were the only three major cities to charge over $1,000 in average monthly rent for a two-bedroom apartment. At just under $500 monthly, consumers in Trois-Rivires and Saguenay in Quebec paid the lowest rents.