CMHC tracks apartment turnover in Vancouver's hot rental markets

Results from Canada Mortgage and Housing Corp.’s first-ever rental turnover survey in Metro Vancouver points to a migration of rental demand from the pricier centre to less-expensive suburbs.

The survey, which tracked the number of purpose-built rental suites that changed hands during the 12 months up to the fall of 2015, found that 19 per cent of units had new tenants.

In suburbs outside of the city centre, however, turnover rates were higher, coinciding with a decline in vacancies, said CMHC analyst Richard Sam.

“It’s cheaper to rent outside Vancouver, so it’s possible that people are looking in terms of affordability,” Sam said. “So vacancy (rates) and also turnover, supports a little bit (the notion that) people are moving away from Vancouver to areas in the Fraser Valley.”

Rents, the CMHC data shows, are $395 cheaper, on average, in Surrey compared with the city of Vancouver.