Edmonton's vacancy rate highest since 1996
High vacancies and dropping rents expected to continue next year, according to Canada Mortgage and Housing Corporation.
|Report an Error|
Share via Email
A construction boom coupled with economic gloom has left Edmonton with its highest rental vacancy rate since 1996.
Edmonton’s vacancy rate was at 7.1 per cent in October, up from 4.2 per cent a year ago, according to the latest rental market report from the Canada Mortgage and Housing Corporation.
Alberta’s overall vacancy rate is slightly higher at 8.4 per cent.
That means rental prices are also going down, a trend that the corporation’s Edmonton market analyst Christina Butchart expects to continue.
“The larger contributing factor is we’ve really added a lot of rental apartments to our universe. We’ve had a lot of rental construction in Edmonton over the past few years, which has pushed the supply of rental accommodation higher,” she said.
More to come …