Calgary’s vacancy rate has nearly quadrupled to 5.3% (October 2015) since this time last year according to the fall Rental Market Survey from the Canada Mortgage and Housing Corporation (CMHC). The national vacancy rate average is in the order of 3.3%. Among the country’s 35 largest urban centres, the average vacancy rate in privately initiated, purpose-built rental apartments stood at 2.8 per cent in October 2014, according to the CMHC. “The rise in the national vacancy rate was due to lower net migration in regions most affected by low oil prices as well as an increase in the supply of purpose-built rental apartment units,” chief economist Bob Dugan said in a release.
Average rents, however, actually edged up slightly and remain the second-highest in Canada, behind only Vancouver. As a result of lower sales activity, more clients are looking to rent a home for the next 2-3 years awaiting stabilization of the energy markets.
“It’s quite a dramatic increase to this year over last,” said Gerry Baxter, executive director of the Calgary Residential Rental Association. “No doubt about it, it’s Alberta’s economy. Many people, particularly those in the oilpatch, were here from other provinces and many of them have returned home looking for employment because the prospects here were fairly bleak.”
Despite the higher vacancy rate in Calgary, Citysearch just leased a beautiful two bedroom condominium in the East Village in the new Evolution condominium building and have listed a few others in the same vicinity now available to the market. Citysearch has also just listed a two bedroom plus den furnished unit at Le Germain professionally decorated by the well-known Calgary designer, Paul Lavoie. The gorgeous suite offers comfortable seating areas, crystal light fixtures and every attention to detail. This property is most ideal for a long term relocation client needing a hotel alternative for their stay in Calgary.