Rental Market Report Summary
Canada Mortgage and Housing Corporation (CMHC) has published it’s findings for the rental market research for 2017. “Vacancy rates move lower as improving labour market conditions and positive international migration have contributed to stronger rental demand.” says Lai Sing Louie, Regional Economist for Prairies and Territories.
Alberta urban centre rental vacancy rates were down to 7.5% in October 2017 from 8.1% in October 2016. However vacancy rates in Edmonton have remained relatively unchanged.
Rental rates in Alberta have declined for the second year in a row. Down by 1.1% in 2017 and previously in 2016 down by 5.0%. The average 2 bedroom rental in Edmonton was $1215.
As our economic conditions recover, it is the international migration that has had a positive effect on Alberta. We continue to attract people from other countries to live, work, and develop a life in our City. This ultimately effects where and how people live.
The Edmonton vacancy rate for 2017 is 7%. Bachelor suites are 7.3%, 1 and 2 Bedroom apartments are 7.0% and 3 Bedroom apartments are 5.9% vacancy rated.
So all this means to landlords is the year ahead may not see much cash flow increase in your investment but with all real estate, principle pay down will be your greatest reward this past year!
