Rental vacancy rate drops in Vernon

The vacancy rate was 3.7 per cent in October, down from 6.6 per cent a year ago

Vernon’s rental vacancy rate dropped from 6.6 per cent in October 2013 to 3.7 per cent last month, according to the Canada Mortgage and Housing Corporation.

“There has been an increase in housing demand in the Interior,” said Sarena Teakles, a CMHC market analyst, adding that there isn’t a significant supply of rental housing in Vernon.

While some new rental housing may be constructed, the current trend will likely continue through 2015.

“There won’t be a dramatic change next year,” said Teakles.

Look for more in Wedneday’s Morning Star.