Canada Mortage and Housing Corporation has reported that the purpose-built apartment vacancy rate has dropped in Metro Vancouver from one percent to 0.8 percent over the past year.

Nationally, the purpose-built vacancy rate increased from 2.8 percent to 3.3 percent.

The largest spike occurred in Calgary, which has been hit hard by a sharp drop in oil prices. There, the vacancy rate jumped from 1.4 percent to 5.3 percent.

Meanwhile, the average monthly rent for a two-bedroom apartment in Metro Vancouver rose from $1,311 to $1,360, according to the Crown corporation's 's annual Rental Market Survey.

"Consistent with results from previous surveys, condominium vacancy rates were found to be lower than vacancy rates for purpose-built rental apartment units in most centres, while all centres registered higher average rents for rental condominium apartments," CMHC stated in a news release. "Condominiums are typically newer and tend to offer a greater range of amenities than purpose-built rental apartments."