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Old 02-13-2014, 09:36 AM   #1
puckluck2
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Default Calgary and Edmonton have lowest vacancy rate in Canada

http://www.calgaryherald.com/touch/b...tml?rel=841484

Calgary has the lowest vacancy at 1%. No surprise as a lot of people are getting $2500-$3000 off of Bungalows in Forest Lawn. Rental rates are still sky rocketing too and imo come summer the vacancy rate will be even lower with the price of rent increasing even more.
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Old 02-13-2014, 09:42 AM   #2
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http://www.calgaryherald.com/touch/b...tml?rel=841484

Calgary has the lowest vacancy at 1%. No surprise as a lot of people are getting $2500-$3000 off of Bungalows in Forest Lawn. Rental rates are still sky rocketing too and imo come summer the vacancy rate will be even lower with the price of rent increasing even more.
Why will the vacany rate drop in the summer? (honest question)

I would have thought it would go up, students leaving the city for the summer, and the number properties reaching their end date of restoration post flood should be greater.
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Old 02-13-2014, 09:57 AM   #3
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Yeah, really not happy as a renter. I'm also wary of condo buying, so I'm stuck until I buy a house. I'm hoping we can see some movement in the condo market in the next few years to help ease the crunch. Also getting secondary suites approved would help this.
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Old 02-13-2014, 10:05 AM   #4
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you cant build condos fast enough for the population influx. A 200 unit tower from planning to completion is probably 5 years. City needs like 20 new towers, on top of what's already being built, going up right now just to meet demand.
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Old 02-13-2014, 10:12 AM   #5
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Not really news other than maybe increasing rents. 2011 was sub 2.0%, and both 2012 and 2013 were sub 1.0%. It'll be interesting to see how the market plays out over the next few years. Might be more applicable to the Calgary Real Estate Predicitons thread - or not.
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Old 02-13-2014, 10:36 AM   #6
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Yeah. Its ridiculous. Basement suites with shared entrances are asking 1200
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Old 02-13-2014, 10:59 AM   #7
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/\ Really!?

I'm collecting $800 for a separate entrance in Sunnyside. Looks like it's time to jack the rent...
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Old 02-13-2014, 12:16 PM   #8
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Old 02-13-2014, 01:30 PM   #9
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/\ Really!?

I'm collecting $800 for a separate entrance in Sunnyside. Looks like it's time to jack the rent...
This is in the deep south. Rates seem to be a lot higher down here.
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Old 02-13-2014, 03:12 PM   #10
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There are quite few rental towers going through various stages of development planning/building right now. Still the earliest some of them may be on the market is 2-3 years.
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Old 02-13-2014, 05:21 PM   #11
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Why will the vacany rate drop in the summer? (honest question)

I would have thought it would go up, students leaving the city for the summer, and the number properties reaching their end date of restoration post flood should be greater.
More people from outside of the province come looking for work. I always get bombarded with phone calls around spring/summer from Quebec and Ontario. And I don't think students leaving would just ditch their place. They'd just pay for the months they're not there and come back to it. They aren't guaranteed to find a place if they do that. And just from experience, summer is always crazy in Calgary for rental. Slows down a bit in the winter but always picks right up in the summer.

Last edited by puckluck2; 02-13-2014 at 05:24 PM.
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Old 02-14-2014, 07:34 AM   #12
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I attended an economics dinner in Edmonton recently where three prominent economists spoke. One of them said Edmonton now has the highest inflation-adjusted rental rate in its history. Rental rates are horrid. It may be a good time to buy, as my son just did. Sorry, I don't know about Calgary but imagine it's similar.
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Old 02-14-2014, 10:43 AM   #13
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I attended an economics dinner in Edmonton recently where three prominent economists spoke. One of them said Edmonton now has the highest inflation-adjusted rental rate in its history. Rental rates are horrid. It may be a good time to buy, as my son just did. Sorry, I don't know about Calgary but imagine it's similar.
Calgary does seem similar. I had a friend recently tell me he was looking for a rental and it is common for potential tenants to have cash on hand because if they don't they risk losing the place because of multiple showings. I haven't witnessed that myself but still sounds like a tough market for renters. When we did list our rental we had tons of applicants though
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