Edmonton Vacancy Rate Drops Again

CMHC released their semi-annual rental market report today showing increasing rents and a dropping vacancy rate. Highlights from the report include:

  • In the primary rental market, the apartment vacancy rate in the Edmonton Area declined to 1.4% in October 2013 from 1.7% a year previous
  • „„The average rent for a two-bedroom apartment in new and existing  structures was $1,141 per month in October 2013.
  • „„In rental structures common to both the October 2012 and 2013 surveys, the year-over-year change in the average rent for a two-bedroom apartment was 5.6%.
  • „„The vacancy rate for row (townhouse) rentals decreased to 0.9 per cent October 2013 from 1.7 per cent in October 2012.

Employment growth and elevated levels of migration have supported increased
rental demand in 2013, contributing to the decline in vacancy. Average employment is on pace to increase 2.8 per cent in 2013, helping to attract a record 27,000 net migrants.

The 1.4% vacancy rate makes us one of the lowest rates in the country; Calgary sits at 1%, Toronto is at 1.6%, Vancouver at 1.7% and Regina & Kelowna are at 1.8%. The highest rate in the report is St. John at 11.4%, followed by Moncton at 9.1%. our vacancy rate is now dipping close to the low we saw in 2006:

Screenshot 2013 12 12 13 46 40
Edmonton Vacancy Rate

About 

Sara MacLennan is the Director of Marketing at Liv Real Estate and a licensed Real Estate Associate. The bulk of Sara’s experience and wealth of expertise lies in on-line technology and marketing both for agents and consumers. Sara is the former National Director for Interactive Marketing for Coldwell Banker Canada where she was responsible for an extensive training program traveling to offices across the country training agents and brokers on marketing and technology. Find Sara on Twitter @edmontonblogger.

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11 Responses to “Edmonton Vacancy Rate Drops Again”

  1. GMNo Gravatar 12. Dec, 2013 at 11:39 pm #

    It’s deja-vu all over again!

    Remember what happened to house prices in Alberta in 2006 after the vacancy rate went down like today?

  2. johnNo Gravatar 13. Dec, 2013 at 8:01 am #

    It would be a great time to sell my properties….

    • ShawnNo Gravatar 13. Dec, 2013 at 1:51 pm #

      John…yes….it will soon be a good time to sell, but “know when to hold em”; in other words, wait until May 2014 for a nice lift in prices. Wait until then for another 5%.

    • ShawnNo Gravatar 13. Dec, 2013 at 1:53 pm #

      Yes a good time John! But…” know when to hold em”; in other words, wait until May 2014 to sell and it will be a great time to sell your assets.

  3. ShawnNo Gravatar 13. Dec, 2013 at 1:58 pm #

    Whoops double posted due to an http receive error on my first submission. But I do think we will have another 5% by May.

  4. House buyerNo Gravatar 13. Dec, 2013 at 10:59 pm #

    Very great post with excellent and insightful information. Thanks for sharing.

  5. CMDNo Gravatar 15. Dec, 2013 at 1:24 pm #

    You sell when its right for you and you buy when its right for you. Thats my philosophy.

    That being said I think we will continue to see further downward pressure on vacancy rates given the continued strong in-migration and job creation numbers in the region.

  6. JoJoNo Gravatar 17. Dec, 2013 at 3:36 pm #

    What is the best area to invest in rentals right now? I find clareview to be pretty good. Plenty of students looking to live around there.

    • GMNo Gravatar 17. Dec, 2013 at 6:22 pm #

      If I was a person looking to buy rental properties do you think I’d tell you what areas are best? I’d just be adding to the number of buyers – and thus competition – out there for myself.

      Instead, you’re going to get a bunch of replies from people telling you to buy where they’ve already bought all the properties they want.

      • JoJoNo Gravatar 18. Dec, 2013 at 2:18 pm #

        You would definitely tell me if you’re a realtor…

        • GMNo Gravatar 18. Dec, 2013 at 3:06 pm #

          Depends who your realtor is. Many realtors will buy it themselves if it’s a great deal.