Dec. 23, 2015 | Joel Schlesinger
White-knuckle ride likely isn't over yet
Only a short while ago it was hard to find a place to rent in Calgary. How things have changed.
Calgary's rental market has been a rollercoaster ride since oil prices began to fall in late 2014. The vacancy rate for purpose-built rentals was 5.3 per cent this past October, based on numbers released by Canada Mortgage and Housing Corp. (CMHC) in mid-December. That's almost a 400 per cent increase from October the previous year, when the vacancy rate was 1.4 per cent.
"Obviously, a big part of that is due to a change in the economy," said Richard Cho, principal market analyst for Calgary with CMHC.