Calgary: A renterís paradise
December 16, 2017
Tenants facing tight higher rents and less choice may be wise to consider relocating to Calgary.
An annual study from Canada Mortgage and Housing Corp. (CMHC) notes that average rental rates have declined in Alberta’s biggest city.
Total vacancy rates on private apartments in the Calgary area were 6.3 per cent in October 2017, down from 7 per cent year a year earlier.
Two-bedroom apartment vacancies slid to 6.9 per cent from 7.9 per cent, and one-bedroom units decreased to 5.8 per cent from 6.2 per cent, CMHC reported.
Many private landlords say the vacancy rate is probably twice CMHC’s figure when house rentals are factored in.
The average rent paid in the Calgary area in 2017 was $15 lower than the same time in 2016. Across the Calgary area, the average rent was $1,128, down from $1,143 a year earlier.
At the Calgary Real Estate forum this year, a CMHC analyst noted that condominiums represent 15,300 rental units in Calgary, while rental apartments total just over 35,000 units.