“I have solid evidence that the rental market is softening. Lots of turn over and the phone is not ringing for empty units. Stay tuned. Expect to see a further increase in vacancy rates as condo flippers are forced to rent out their units. It will be amateur hour for these newbie landlords.”
And this related story in the Vancouver Sun 15 Jun 2010 -
“Metro Vancouver’s apartment vacancy rate edged up to 2.2 per cent in the spring. The last time Metro Vancouver saw a vacancy rate higher than two per cent was in 1998/99 when the region’s vacancy hit 2.7 per cent. In the spring of 2008, Metro Vancouver’s apartment vacancy rate was 0.9 per cent. “There’s a lot less calls coming in,” Debbie Johnson, director of marketing for Gateway Property Management, said.