I'd also guess this has something to do with it?
http://www.calgaryherald.com/busines...016/story.html
My anecdotal evidence indicates it's hard to find a place to rent right now. 2 bdrm condos are about $1,500/month in the Kensington area. Those same 2 bdrm condos are selling in the $250's and can be mortgaged for $1,300 ish (plus $300ish maint).