Some tenants say they can no longer afford Vancouver's high rents
By Catherine Rolfsen, Vancouver Sun
Vancouver's vacancy rates will rise slightly in 2009 after nearing a 20-year low in 2008, industry experts predict.
that's not necessarily good news. The easing up of the rental housing
market may be partially a result of renters moving out because they
just can't pay their rents in the current economic climate.
Goodman of Macdonald Commercial Real Estate Services, a longtime
specialist in rental properties, said he has spoken to dozens of owners
and property managers lately and has found that vacancies are unusually
"Suddenly [owners] are getting much higher incidents of
notices than they've received for years," said Goodman, who is
publishing his forecasts in next month's edition of his newsletter The
The Canada Mortgage and Housing Corporation's
rental market report last fall also predicted "some easing" of Metro
Vancouver vacancy rates in 2009 after rates hit 0.5 per cent in 2008,
the lowest since 1989.
The CMHC forecasts that vacancy rates could hit one per cent this year for the first time since 2005.
Goodman thinks they could go even higher, and suspects the plummeting economy is responsible.
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