15Jun/10Off
Edmonton Vacancy Rates on the Rise
CMHC (Canada Mortgage and Housing Corporation) released their semi-annual rental market report today showing that vacancy rates have risen (no surprise there). Highlights from the report:
- Average vacancy rate for all urban centres in Alberta increased from 4.6% in April 2009 to 6% in April 2010
- The highest vacancy rate in the province was in Grande Prairie at 14% (up from 8.5%)
- The average provincial rent was $937/month, down from $962 a year earlier
- Expect to pay close to $2000/month in Fort Mac and $650 in Medicine Hat
- Edmonton's vacancy rate is 5.2% up from 4.7% a year ago
- Calgary's vacancy rate is 5.3% up from 4.3%
- The average two bedroom suite in Edmonton rents for $994/month, down from $1059 a year ago (Calgary only dropped $24 to $1082)
The rise in vacancy rates was due to employment losses among the primary age group of renters, inter-provincial migration losses, and more affordable home ownership options (lower interest rates and prices).