June 11, 2014 6:52 pm

Calgary rental prices continue to soar

PAUL J. RICHARDS/AFP/Getty Images

CALGARY- While Calgary’s tight rental market seems to be easing a bit, the same can’t be said for prices.

The Canadian Mortgage and Housing Corporation (CMHC) reported that an average two bedroom apartment in Calgary set tenants back $1,267 per month in April. That’s a five per cent jump from the same time last year.

Fortunately the vacancy rate has also gone up slightly, to 1.4 per cent, thanks to more rental units being built.

“I think in Alberta as a whole there has been an uptick in rental construction,” said Christina Butchart from CMHC. “That’s sort of countering the fact that we have seen a definite growth in demand for rental housing over the past couple of years.”

READ MORE: The highest and lowest rents in Canada

Unfortunately for renters, vacancies and rent prices are not expected to ease much in the near future, as analysts predict people will continue to flock to Alberta in search of jobs.

Infographic showing the highest and lowest rents in Canada.

Global News
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