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HomeNewsPrince George apartment vacancy rate reaches 4.0% in 2022

Prince George apartment vacancy rate reaches 4.0% in 2022

The average price for a two-bedroom apartment in Prince George is $1,112.

That’s according to the latest data from the Canada Mortgage Housing Corporation.

In 2021, the rental price was slightly lower at $1017.

The current apartment vacancy rate in PG is 4.0% – up from the year prior when it was 2.2.

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By comparison, vacancy rates for rental units in Canada dropped to one-point-nine percent – it’s lowest level since 2001

Nationally, the average price for a two-bedroom apartment is a bit higher at $1258.

The CMHC issued its 2023 Rental Report today (Thursday) and PG performed quite well on the national stage.

The northern capital came in as a much more affordable place to rent a two-bedroom than

  • Vancouver ($2002)
  • Victoria ($1699)
  • Calgary ($1466)
  • Edmonton ($1304)
  • Saskatoon ($1243)
  • Winnipeg ($1350)
  • Hamilton ($1438)
  • Sudbury ($1254)
  • Kitchener-Cambridge-Waterloo ($1469)
  • Bellville ($1294)
  • Peterborough ($1339)
  • St Catherines ($1260)
  • London ($1393)
  • Kingston ($1471)
  • Toronto ($1765)
  • Ottawa ($1625)
  • Gatineau ($1269)
  • Halifax ($1449)

PG is in the same ballpark as Regina ($1186) and Windsor ($1197) for two-bedroom apartment rent.

Surprisingly, Quebec City ($947) and Montreal ($1022) were cheaper than our city in this category.

As for the number of private apartment units by category in PG, it’s broken down like this:

  • Bachelor – 241 Units
  • 1 Bedroom – 927 Units
  • 2 Bedroom – 1,458 Units
  • 3+ Bedroom – 488 Units

Prince George currently has 313 apartment units under construction – over a third of them are located downtown (113 units).

A link to the 2023 rental report can be found here.

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