Vacancy rates and rent rising in Alberta

It’s getting easier to find an apartment in Calgary and Edmonton, but it’s also more expensive, according to Canada Mortgage and Housing Corporation (CMHC).

According to the agency, a combination of weaker economic conditions, slower migration to the province, and an increase in the supply of rental units has put upward pressure on vacancy rates.

In Calgary, the vacancy rate is now 3.2%.  In Edmonton it’s 2.4%.

Canmore has the lowest vacancy rate at zero per cent – the highest is in Cold Lake and Wood Buffalo at 22.8 and 22.3 % respectively.

CMHC said rent the amount Albertans are paying for rent also rose.

In Calgary, the average rent for two-bedroom apartments increased 5.9% from April 2014 to April of this year.  In new and existing structures, that translates to an average of $1,319 per month.

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In Edmonton the increase is 4.4% for an average of $1,250.

In Wood Buffalo, you can expect to pay $1,984 per month – the most in Alberta.

And the best deals are in Lacombe, where you can rent a two-bedroom apartment for just $823/month.