There are two major contributing factors to declining vacancy rates in Cranbrook.
This from Taylor Pardy with the Canada Mortgage and Housing Corporation who released its 2017 Rental Market Report Tuesday.
The report indicates available units dropped from October 2016 to October 2017 1.7 per cent to 1.2 per cent.
Pardy adds the rate has been slowing moving down in recent years, and currently is sitting at 2006 levels when the area was seeing strong population growth.
He explains one reason is supply has been on a decline over the past three years.
The number of prime rental units has been on a slow decline.
The other reason is, on average, about 450 people are moving into the area each of the last three years according to Pardy.
He explains a lot of them are between the ages of 20-44 are likely choosing to rent instead of buying a home.
Also, the average price for rent in Cranbrook has increased from $738 to $759.
Mayor Lee Pratt previously said the community’s growth is being stunted by a lack of affordable housing and a low vacancy rate.
He suggests young professional looking to move to the Key City are being forced to go elsewhere because there’s no where to live here.
City Council has recently been approved rezoning for two local properties to allow development of affordable housing.
Provincially, the vacancy rate remains unchanged year to year at 1.3 per cent.
Across Canada, the rate has dropped from 3.7 per cent in October 2016 to 3 per cent in October 2017.
– Canadian Mortgage and Housing Corporation Senior Market Analyst Taylor Pardy