May 18, 2016 | CREBNow
CMHC expects renters to benefit from soft economic conditions
Rental vacancy rates in Calgary will rise to seven per cent by this fall, up from 5.3 per cent during the same time last year, according to Canada Mortgage and Housing Corp. (CMHC).
In its semi-annual housing market outlook released today, CMHC said two-bedroom rents are forecast to average $1,270 in October 2016, compared to $1,332 in October 2015.
"A rise in the purpose-built rental vacancy rate along will additional options in the secondary rental market will put downward pressure on rents this year," said the report. "Although incentives will continue to be offered, some landlords will also lower rents to attract tenants."
By the fall of 2017, CMHC expects the vacancy rate in the city to decline back to 5.5 per cent. The two-bedroom rent, meanwhile, is forecast to average $1,260.