CMHC Report Reveals Increased Pressure on Rental Market

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The Calgary Housing Outlook Report, released by the Canada Mortgage and Housing Corp., shows that Calgary remains a popular place for Canadians to relocate, thanks to consistent employment rates.

Employment opportunities in Calgary continue to draw new migrants to the region, who typically have a high propensity to rent upon arrival

People are still moving to Calgary in strong numbers, thanks to employment growth, a need to be centralized in urban areas and an ever-improving quality of life.

The Canada Mortgage and Housing Corp. (CMHC) recently released its annual Calgary Housing Outlook Report, revealing the number of new Calgarians is expected to hit 20,000 people in 2012, after numbers dropped to 9,209 in 2010 and 11,220 in 2011.

For 2013, CMHC expects about 18,000 people to move to the centre of oil and gas operations in Canada.

While this means increased home sales, it also places increased pressure on the market for Calgary rentals.

“Employment opportunities in Calgary continue to draw new migrants to the region, who typically have a high propensity to rent upon arrival,” says the Housing Outlook Report. “Landlords and property owners will continue to see sustained interest in their rental units in 2013.”

The Housing Outlook Report revealed the rental vacancy rate is expected to remain near current levels, declining from 1.7 per cent in October 2012 to a forecast 1.5 per cent in October 2012.

While that might make the search for Calgary apartments seem difficult, the report notes the number of units in the secondary rental market continues to grow.

The secondary rental market reflects the number of secondary suites in homes and other private rental housing developments.

“(It) will be an option for tenants where the vacancy rate is higher,” the report says.

Rent, however, will likely increase with the greater demand. The average two-bedroom apartment was expected to go for $1,150 in Fall 2012, up from $1,084 in October 2011.

To look for listings on Calgary homes for rent, go to RentClick.ca.

About RentClick.ca

RentClick.ca connects landlords and property managers who have rental properties to tenants who need to rent accommodations. We are a group comprised of renters and property owners, giving us a unique understanding of tenant and landlord needs. RentClick.ca advertises property rentals in Saskatchewan, Alberta and British Columbia.

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