Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 15, 2015 08:15 ET

April 2015 Rental Market in Alberta

CALGARY, ALBERTA--(Marketwired - June 15, 2015) - The rental apartment vacancy rate(1) in Alberta's urban centres(2) was 3.4 per cent in April 2015 compared to 1.8 per cent in April 2014, according to the Spring Rental Market survey released today by Canada Mortgage and Housing Corporation (CMHC).

"A combination of weaker economic conditions, slower migration to the province, and an increase in the supply of rental units has placed upward pressure on vacancy rates in Alberta" said Lai Sing Louie, Regional Economist for the Prairie and Territories Region.

On the basis of a sample of structures common to both the 2014 and 2015 surveys(3), the average rent for a two-bedroom apartment rose 4.8 per cent in Alberta. In Calgary, same sample rents for a two-bedroom apartment increased 5.9 per cent from April 2014 to April 2015. Meanwhile in Edmonton, same sample rents rose by 4.4 per cent.

Across urban centres in Alberta, vacancies either increased or remained unchanged. The lowest vacancy rate in Alberta was zero per cent in Canmore. Cold Lake and Wood Buffalo had the highest vacancy rates in the province at 22.8 and 22.3 per cent, respectively. Calgary had a vacancy rate of 3.2 per cent and Edmonton had a vacancy rate of 2.4 per cent.

In new and existing structures, an average two-bedroom apartment in Calgary rented for $1,319 in April 2015. In Edmonton, the average two-bedroom apartment rent in April 2015 was $1,250 per month. The highest rent among Alberta's urban centres was in Wood Buffalo where an average two-bedroom apartment rented for $1,984 in April 2015. Conversely, Lacombe had the lowest average two-bedroom rent at $823 per month in April 2015.

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

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

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(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 2014 and April 2015 surveys provides a better indication of actual rent increases paid by tenants.

Additional data is available upon request

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A tables is available at the following address: http://media3.marketwire.com/docs/1012377e.pdf

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