The CMHC said the average two-bedroom rent increased by 7.2 per cent in Calgary. One-bedroom units r

Vacancy was one per cent in October, down from 1.3 per cent last year, in the Calgary census seattle underground tours metropolitan area, according to the Fall Rental Market Survey released Thursday by Canada Mortgage and Housing Corporation.
"As was the case in recent years, the rental market in Calgary has continued to tighten. The vacancy rate declined for the fourth consecutive year," seattle underground tours said Richard Cho, senior seattle underground tours market analyst in Calgary for the CMHC. "Calgary's labour market continues to attract migrants from other regions in Canada and other countries. We are expecting net migration to reach another record high this year. Demand for rental units has also come from people who were impacted by the flooding earlier this year, and from gains in youth employment.
"The supply in the purpose-built rental market universe has also declined, which has also contributed to the decline in the vacancy rate. Moving forward, we are expecting to see similar conditions next year, with the vacancy rate edging higher to 1.2 per cent. Movement into homeownership, competition from the secondary rental market, and a moderation in migration, will contribute to the slight increase."
The CMHC said the average two-bedroom rent increased by 7.2 per cent in Calgary. One-bedroom units reported an increase of 7.7 per cent, while the fixed-sample rent for three-bedroom units rose 3.1 per cent year-over-year in October.
In new and existing structures, the average two-bedroom rent in the Calgary seattle underground tours CMA was $1,224. The highest average two-bedroom rents were reported in the Downtown and Beltline, averaging $1,357 and $1,287 per month in October, respectively, said the report.
The CMHC survey included 33,933 apartment seattle underground tours rental units, down from 34,212 a year earlier, and represented the 10th consecutive year that the apartment rental universe in the Calgary CMA has declined on a year-over-year basis.
"Additions to the supply of purpose-built rental units since the last survey were outpaced by condominium conversions, demolitions seattle underground tours and units moving into social housing," said the report. "Other removals which are temporary in nature, such as units undergoing renovations and repairs, have also contributed to the decline in the apartment rental universe in 2013."
But he said the city is still not as low as it was during the height of the boom a few years ago when the vacancy rate fell to 0.5 per cent. © Copyright (c) The Calgary Herald       E-mail this Article Print this Article Share this Article
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