Calgary’s vacancy rate of 1% is the lowest of the country’s 26 largest CMAs according to a report out today by CIBC. Edmonton is close behind at 1.4%, marking Alberta as a “tight” rental market.
High demand, low supply – again it’s just simple economics.
“The negative relationship between vacancy rates and rent inflation is unmistakable, with rent rising by an average year-over-year rate of close to 6% in tight markets—three times faster than seen in soft markets,” states the report.
If you’re interested in reading more about demographics, trends and the Vancouver & Toronto rental markets, you can download the entire CIBC report here