Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 11, 2014 08:15 ET

April 2014 Rental Market in Alberta

CALGARY, ALBERTA--(Marketwired - June 11, 2014) - The rental apartment vacancy rate(1) in Alberta's urban centres(2) was 1.8 per cent in April 2014 compared to 1.5 per cent in April 2013, according to the Spring Rental Market survey released today by Canada Mortgage and Housing Corporation.

"Rising demand in recent years has encouraged new rental construction in Alberta, which has added to the supply of rental apartments. These additions helped to offset increased rental demand through net migration, resulting in a stable vacancy rate in April 2014," said Lai Sing Louie, Regional Economist for the Prairie and Territories Region.

On the basis of a sample of structures common to both the 2013 and 2014 surveys(3), the average rent for a two-bedroom apartment rose 5.5 per cent in Alberta. In Calgary, same sample rents for a two-bedroom apartment increased five per cent from April 2013 to April 2014. Meanwhile in Edmonton, same sample rents rose by 6.4 per cent. The continued low rental vacancies in Alberta's two largest markets prompted the increase in same sample rents.

Across urban centres in Alberta, the direction in vacancies was mixed as some markets declined while others increased or were relatively unchanged. The lowest vacancy rate in Alberta was zero per cent in Canmore. Vacancies in Wood Buffalo were the highest in the province at seven per cent. Both Calgary and Edmonton reported low vacancy rates in April 2014 of 1.4 per cent.

In new and existing structures, an average two-bedroom apartment in Calgary rented for $1,267 in April 2014. In Edmonton, the average two-bedroom apartment rent in April 2014 was $1,180 per month. The highest rent among Alberta's urban centres was in Wood Buffalo where an average two-bedroom apartment rented for $2,061 in April 2014. Conversely, Medicine Hat maintained the lowest average two-bedroom rent at $739 per month in April 2014.

Rental Market data is also available in English and French at the following link: Spring Rental Market Report

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

(1) The survey is based on privately-initiated rental apartment structures of three or more units.

(2) Urban centres defined as centres with a population of 10,000 or more.

(3) Year-over-year comparisons of average rents can be slightly misleading because rents in newly built structures tend to be higher than in existing buildings. Excluding new structures and focusing on structures existing in both the April 2013 and April 2014 surveys provides a better indication of actual rent increases paid by tenants.

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Additional data is available upon request

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A table is available at the following address: http://media3.marketwire.com/docs/951191a.pdf

Contact Information

  • Market Analysis Contact:
    Lai Sing Louie, Regional Economist
    (403) 515-2991
    llouie@cmhc.ca

    Media Contact:
    Charles Daniel Mainville, Senior Communications Consultant
    (403) 515-2915
    cdmainvi@cmhc.ca