Aug. 12, 2016 | Mario Toneguzzi
Over-supply, fewer newcomers behind increasing vacancy rates
Vacancy rates in Calgary have spiked so far this year and are expected to rise for the foreseeable future, say industry insiders.
And with few signs of significant changes in the economy on the horizon, renters will enjoy plenty of choice and price flexibility, while landlords will need to get aggressive.
"Vacancy started rising pretty rapidly after the spring of last year and it's still been rising," said Gerry Baxter, executive director of the Calgary Residential Rental Association, which has about 850 members, representing between 65,000 and 70,000 rental units. There are more than 700 landlords in the association.