{"id":31,"date":"2015-01-05T12:47:28","date_gmt":"2015-01-05T19:47:28","guid":{"rendered":"http:\/\/century21.brixwork.com\/blog\/?p=31"},"modified":"2022-03-05T10:01:17","modified_gmt":"2022-03-05T17:01:17","slug":"vacancy-rate-tightens-slightly-in-fall-2014","status":"publish","type":"post","link":"https:\/\/www.century21yk.ca\/blog\/2015\/01\/vacancy-rate-tightens-slightly-in-fall-2014\/","title":{"rendered":"Vacancy Rate Tightens Slightly in Fall 2014"},"content":{"rendered":"

After\u00a03 straight years of\u00a0increases,\u00a0Yellowknife’s vacancy rate declined to 4.8% in the fall of 2014\u00a0according to the CMHC<\/a>. \u00a0This dip of 0.5% still leaves renters with lots of options and shouldn’t have much of an impact on rents. \u00a0To put things in perspective, our average vacancy rate\u00a0from 2007 to 2011 was 1.57%<\/p>\n

It is interesting to note that the universe (total number of rental\u00a0units in Yellowknife) increased to 1,943 from 1,928 in the spring. \u00a0That means we’ve finally regained the inventory levels of 2007.\u00a0 As mentioned in previous posts, the rental\u00a0universe can decline if units are converted to condos or hotel rooms, or if they are declared to be off the market and “under renovations.” \u00a0The difficulty for those of us watching the rental market is that we can’t tell the difference between units that are truly being renovated, and those that have simply been shuttered in order to keep high vacancy rates from dragging down rents. \u00a0These\u00a0figures are not audited by CMHC, they\u00a0are reported by landlords based on the honour system.<\/p>\n

Nonetheless, with that caveat, it’s good to see that things have tightened up somewhat since the spring. \u00a0It could be sign that our city is growing at a slow but steady pace. \u00a0It will be interesting to see what impact the new condos at Niven Lake and on Franklin Avenue\u00a0will have once they are completed later this year. \u00a0Can those units be absorbed without impacting vacancy rates? If projections for growth in the mining and public sectors bear out, they just might.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Vacancy Rates (%) in Privately Initiated Rental Row and Apartment Structures of Three Units and Over<\/strong><\/td>\n<\/tr>\n
Year<\/strong><\/td>\nVacancy Rate (%)<\/strong><\/td>\nTotal Units<\/strong><\/td>\n<\/tr>\n
1998<\/td>\n0.1<\/td>\n<\/td>\n<\/tr>\n
1999<\/td>\n0.1<\/td>\n<\/td>\n<\/tr>\n
2000<\/td>\n0<\/td>\n<\/td>\n<\/tr>\n
2001<\/td>\n0.1<\/td>\n<\/td>\n<\/tr>\n
2002<\/td>\n0.3<\/td>\n<\/td>\n<\/tr>\n
2003<\/td>\n1.8<\/td>\n<\/td>\n<\/tr>\n
2004<\/td>\n3.1<\/td>\n<\/td>\n<\/tr>\n
2005<\/td>\n3.4<\/td>\n<\/td>\n<\/tr>\n
2006<\/td>\n3.4<\/td>\n<\/td>\n<\/tr>\n
2007 – Spring<\/td>\n2.8<\/td>\n1,921<\/td>\n<\/tr>\n
2007 – Fall<\/td>\n1.2<\/td>\n1,946<\/td>\n<\/tr>\n
2008 – Spring<\/td>\n0.6<\/td>\n2,004<\/td>\n<\/tr>\n
2008 – Fall<\/td>\n0.9<\/td>\n2,005<\/td>\n<\/tr>\n
2009 – Spring<\/td>\n2.9<\/td>\n2,003<\/td>\n<\/tr>\n
2009 – Fall<\/td>\n5.3<\/td>\n2,138<\/td>\n<\/tr>\n
2010 – Spring<\/td>\n1.3<\/td>\n2,125<\/td>\n<\/tr>\n
2010 – Fall<\/td>\n0.9<\/td>\n2,120<\/td>\n<\/tr>\n
2011 – Spring<\/td>\n0.7<\/td>\n2,119<\/td>\n<\/tr>\n
2011 – Fall<\/td>\n1.3<\/td>\n2,103<\/td>\n<\/tr>\n
2012 – Spring<\/td>\n2.4<\/td>\n2,110<\/td>\n<\/tr>\n
2012 – Fall<\/td>\n3.2<\/td>\n2,121<\/td>\n<\/tr>\n
2013 – Spring<\/td>\n3.6<\/td>\n<\/td>\n<\/tr>\n
2013 – Fall<\/td>\n3.6<\/td>\n2,080<\/td>\n<\/tr>\n
2014 – Spring<\/td>\n5.3<\/td>\n1,928<\/td>\n<\/tr>\n
2014 – Fall<\/td>\n4.8<\/td>\n1,943<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

After\u00a03 straight years of\u00a0increases,\u00a0Yellowknife’s vacancy rate declined to 4.8% in the fall of 2014\u00a0according to the CMHC. \u00a0This dip of 0.5% still leaves renters with lots of options and shouldn’t have much of an impact …<\/p>\n","protected":false},"author":3,"featured_media":32,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[62,54],"tags":[16,17,18,30],"class_list":["post-31","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-for-renters","category-market-analysis","tag-rent","tag-tenants","tag-vacancy","tag-market"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t