Canada Mortgage and Housing Corporation's annual rent market survey shows that the vacancy rate in Greater Vancouver is now the lowest in 17 years.
In Abbotsford, the average vacancy rate dropped nearly two percentage points from 3.8 per cent in 2005 to 2.0 per cent in 2006, stopping the recent trend of rising vacancy rates observed since 2002. Strong demand was observed for all bedroom types.
This has an obvious effect of allowing landlords to raise rents (within their legal rights, of course), which may mean that for some people the gap between renting a home and buying a home is closing.
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