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Date Released: Fall 2009

Housing market intelligence you can count on through CHMC.

Alberta Highlights

The apartment vacancy rate in Alberta’s urban centres was 5.5 percent in October 2009, up from 2.5
per cent in October 2008.

Across the province, apartment vacancy rates ranged from 3.2 percent in the Okotoks and Cold Lake areas to 15.5 per cent in the Grande Prairie region.

Apartment vacancy rates in Calgary and Edmonton increased to 5.3 and 4.5 per cent, respectively, in October 2009.

The total average rent in Alberta was $949 in October 2009, down from $975 reported in the October 2008 survey.

Apartment vacancy rates rise in Alberta’s rental markets

The results of Canada Mortgage and Housing Corporation’s (CMHC) Fall Rental Market Survey indicate that the average vacancy rate for privatelyinitiated rental apartments in Alberta’s urban centres with a population of 10,000 or more increased from 2.5 per cent in October 2008 to 5.5 per cent this October. The last time the vacancy rate was this high in Alberta was during the economic downturn in
the early 1990’s. Due to uncertainty in the economy, employment levels across the province have declined, especially among younger workers that traditionally rent. A lower level of employment opportunities has also reduced migration flows from non-permanent residents, a group that has a high propensity to rent. These factors, combined with strong homeownership demand among firsttime buyers and competition from the secondary market, has resulted in the increase in vacant rental apartment units.

The complete Fall 2009 edition of CMHC's Rental Market Provincial Highlights - Alberta is now available and can be accessed by clicking HERE.

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