Calgary's rental vacancy rate plunges to level not seen since 2014: CMHC
A new report from the Canada Mortgage and Housing Corporation (CMHC) says a surge in the rental market last year, due to immigration and higher mortgage rates, has drastically dropped the country's vacancy rates.
Calgary was one of many major cities that experienced a huge drop – moving from 5.1 per cent to 2.7 per cent between 2021 and 2022.
The city's vacancy rate hasn't been that low since 2014, the CMHC says.
Markets also tightened in Canada's largest centres, Montreal, Vancouver and Toronto.
"The overall average rent growth for two-bedroom purpose-built apartments common to 2021 and 2022 surveys was 5.6 per cent. This is a new annual high, well-above average rent growth recorded between 1990 and 2022," the CMHC said in a release.
"Higher rent-growth for two-bedroom purpose-built rents was widespread across Canada."
According to the CMHC's report, the average rent of a two-bedroom unit in Calgary went up by 6 per cent to $1,466.
Officials say affordability is still a big concern because "not enough homes are considered affordable" in Calgary.
"When comparing household income with monthly rent, only about 5 per cent of the purpose-built rental universe is considered affordable for households earning less than $36,000 per year," the CMHC said.
"The majority of the units are bachelor or one-bedroom units, which are unsuitable for families."
Only five of the 37 census metropolitan areas included in the report reported significantly higher vacancy rates in 2022 than in 2021, CMHC says.
CTVNews.ca Top Stories
Fluid in eye cells can 'boil' if you watch the eclipse without protection: expert
Millions of people in parts of Eastern and Atlantic Canada will be able to see the rare solar eclipse happening on April 8. But they should only look up if they have proper eye protection, experts say.
He didn't trust police but sought their help anyway. Two days later, he was dead
Jameek Lowery was among more than 330 Black people who died after police stopped them with tactics that aren’t supposed to be deadly, like physical restraint and use of stun guns, The Associated Press found.
CRA no longer requiring 'bare trust' reporting in 2023 tax return
The Canada Revenue Agency announced Thursday it will not require 'bare trust' reporting from Canadians that it introduced for the 2024 tax season, just four days before the April 2 deadline.
Being harassed at work? What to consider when deciding what to do next
If you've been the victim of workplace harassment, it can be difficult to feel you're not alone - and even more difficult to know where to go with a complaint.
Sunshine list: These were the Ontario public sector's highest earners in 2023
Ontario released its annual sunshine list Thursday afternoon, noting that the largest year-over-year increases were in hospitals, municipalities, and post-secondary sectors.
Grandparent scam: London, Ont., senior beats fraudsters not once, but twice
It was a typical Tuesday for Mabel Beharrell, 84, until she got the call that would turn her world upside down. Her teenaged grandson was in trouble and needed her help.
Half of Canadians support TikTok ban, with U.S. concerns 'trickling' north: poll
A new poll indicates 51 per cent of Canadians support banning the social media app TikTok, after a U.S. bill aiming to do just that passed in the House of Representatives.
Where is the worst place for allergy sufferers in Canada?
The spring allergy season has started early in many parts of Canada, with high levels of pollen in some cities already. Experts weigh in on which areas have it worse so far this season.
More unauthorized products for skin, sexual enhancement, recalled: Here are the recalls of this week
Health Canada and the Canadian Food Inspection Agency recalled various items this week, including torches, beef biltong and unauthorized products related to skin care and sexual enhancement.