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Stories Tagged - Landlords
News
Jan. 12, 2016 | Andrea Cox
Up for rent
Calgary vacancy rate could go even higher in 2016, say experts
Renters in Calgary stand to gain the most from the energy sector's misfortune, with vacancy rates expected to increase after already jumping almost five-fold over the past year.
According to the Canada Mortgage and Housing Corp.'s (CMHC) Fall Market Report released in early December, Calgary's vacancy rate rose from 1.4 per cent in fall 2014 to 5.3 per cent in October 2015.
The national average was 3.3 per cent.
"We expect the vacancy rate to edge even higher in 2016," said CMHC principal of market analysis Richard Cho. "And with higher vacancy rates, tenants will have more choice in the market and landlords will have to do more to attract renters, naturally putting more downward pressure on rents.
Renters in Calgary stand to gain the most from the energy sector's misfortune, with vacancy rates expected to increase after already jumping almost five-fold over the past year.
According to the Canada Mortgage and Housing Corp.'s (CMHC) Fall Market Report released in early December, Calgary's vacancy rate rose from 1.4 per cent in fall 2014 to 5.3 per cent in October 2015.
The national average was 3.3 per cent.
"We expect the vacancy rate to edge even higher in 2016," said CMHC principal of market analysis Richard Cho. "And with higher vacancy rates, tenants will have more choice in the market and landlords will have to do more to attract renters, naturally putting more downward pressure on rents.
News
Dec. 15, 2015 | Andrea Cox
Rental market feeling the pain
High rents, job losses contributing to lease breaks, defaults
As the torrential storm of job losses in the province escalates, Calgary's rental community is beginning to feel the fallout.
Rental management groups in the city are reporting a higher incidence of lease breaks and defaults on rent this year as energy sector woes reverberate throughout the economy.
"We've certainly had to do a lot more of this recently than in years' past," said Brett Turner, owner of Redline Real Estate Group Inc., which manages a multitude of rental properties from single-family homes to small apartment buildings.
"We've seen significantly more lease breaks and defaults on rents than ever before."
As the torrential storm of job losses in the province escalates, Calgary's rental community is beginning to feel the fallout.
Rental management groups in the city are reporting a higher incidence of lease breaks and defaults on rent this year as energy sector woes reverberate throughout the economy.
"We've certainly had to do a lot more of this recently than in years' past," said Brett Turner, owner of Redline Real Estate Group Inc., which manages a multitude of rental properties from single-family homes to small apartment buildings.
"We've seen significantly more lease breaks and defaults on rents than ever before."
News
Dec. 07, 2015 | Joel Schlesinger
Opportunity knocks in condo sector
In the midst of a correction, experts identify silver-lining investment opportunity
Buy low. Sell high. It's the quintessential mantra of successful investors.
And for those who have long sought to execute this philosophy in Calgary's real estate market, a window of opportunity may be opening thanks to weak oil prices – particularly in the apartment-style condominium sector, which has seen inventory levels skyrocket in 2015.
According to CREB®'s recent monthly housing forecast, months of supply in the apartment sector increased to 6.9 per cent in November, causing benchmark prices to slide
0.5 per cent from October to $287,000. Meanwhile, year-over-year prices were off by 4.6 per cent.
By comparison, months of supply in the detached and attached sector sat at 3.4 and 4.8, respectively.
Buy low. Sell high. It's the quintessential mantra of successful investors.
And for those who have long sought to execute this philosophy in Calgary's real estate market, a window of opportunity may be opening thanks to weak oil prices – particularly in the apartment-style condominium sector, which has seen inventory levels skyrocket in 2015.
According to CREB®'s recent monthly housing forecast, months of supply in the apartment sector increased to 6.9 per cent in November, causing benchmark prices to slide
0.5 per cent from October to $287,000. Meanwhile, year-over-year prices were off by 4.6 per cent.
By comparison, months of supply in the detached and attached sector sat at 3.4 and 4.8, respectively.
News
Sept. 30, 2015 | Rachel Naud
Must love dogs
Pet owners say discriminating landlords distorting vacancy rates
Erika Lagyjanszki is about to make the move from Toronto to Calgary to start her business as a wedding photographer and a new life with her boyfriend.
Looking for a place should have been a breeze for the two given the uptick in vacancy rates in Calgary as of late.
In fact, according to the Canadian Mortgage and Housing Corp. (CMHC), in the Calgary CMA, the overall apartment vacancy rate increased year-over-year from 1.4 per cent in April 2014 to 3.2 per cent in April 2015.
"The increase in the vacancy rate was a result of the universe of rental apartments in Calgary rising at a faster pace than demand for rental units," said Christina Butchart, principal market analyst with CMHC.
Erika Lagyjanszki is about to make the move from Toronto to Calgary to start her business as a wedding photographer and a new life with her boyfriend.
Looking for a place should have been a breeze for the two given the uptick in vacancy rates in Calgary as of late.
In fact, according to the Canadian Mortgage and Housing Corp. (CMHC), in the Calgary CMA, the overall apartment vacancy rate increased year-over-year from 1.4 per cent in April 2014 to 3.2 per cent in April 2015.
"The increase in the vacancy rate was a result of the universe of rental apartments in Calgary rising at a faster pace than demand for rental units," said Christina Butchart, principal market analyst with CMHC.
