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Stories Tagged - vacancy rates
News
Jan. 10, 2017 | Jamie Zachary
Q&A with 2017 CREB® president David P. Brown
Real estate veteran to take reins of member organization
The New Year will welcome a new president for CREB® and its 5,200-plus members as local real estate veteran David P. Brown takes the reins during what's expected to be a year of transition for the industry.
CREB®Now caught up with Brown to talk about everything from his financial background to what advice he has for prospective homebuyers.
The New Year will welcome a new president for CREB® and its 5,200-plus members as local real estate veteran David P. Brown takes the reins during what's expected to be a year of transition for the industry.
CREB®Now caught up with Brown to talk about everything from his financial background to what advice he has for prospective homebuyers.
News
Jan. 10, 2017 | Barb Livingstone
Rinse and repeat
Housing experts predict Calgary's rental market to see another year of high vacancies, low rents
Calgary's rental housing market this year will not change much from 2016 as historically high vacancy rates will continue to usher in incentives and lower rents, say experts.
"We expect the vacancy rate to remain close to 2016 levels" said Richard Cho, Calgary-based principal market analyst for Canada Mortgage and Housing Corp. (CMHC).
Calgary's rental housing market this year will not change much from 2016 as historically high vacancy rates will continue to usher in incentives and lower rents, say experts.
"We expect the vacancy rate to remain close to 2016 levels" said Richard Cho, Calgary-based principal market analyst for Canada Mortgage and Housing Corp. (CMHC).
News
Dec. 23, 2016 | Barb Livingstone
Renters' market
Economic conditions create ideal situation for renters, challenges for landlords
In the most volatile economy in the country, it is no big surprise Calgary landlords endured 2016 with the highest rental housing vacancy rate in a quarter of a century.
"It is a free market economy, with all the ups and downs, and in the middle of (this downturn), you just hope many will survive it," said Gerry Baxter, executive director of the Calgary Residential Rental Association (CRRA) of Calgary's current seven per cent vacancy rate.
In the most volatile economy in the country, it is no big surprise Calgary landlords endured 2016 with the highest rental housing vacancy rate in a quarter of a century.
"It is a free market economy, with all the ups and downs, and in the middle of (this downturn), you just hope many will survive it," said Gerry Baxter, executive director of the Calgary Residential Rental Association (CRRA) of Calgary's current seven per cent vacancy rate.
News
May 04, 2016 | Mario Toneguzzi
Brunt of the 'turn
Commercial vacancy rates near all-time highs, according to reports
A new report is summarizing Calgary's downtown office market in one word: scary.
CBRE Ltd. first-quarter results released earlier this month show that the vacancy rate in Calgary's core ballooned to 20.2 per cent during the first quarter of 2016. That's up from 11.8 per cent the same time last year, and 17.6 per cent from the fourth quarter of 2015.
Greg Kwong, who heads up the commercial real estate firm CBRE Ltd's office in the heart of the oilpatch, expects the worse is still to come for Calgary's office market as the local economy sputters in response to depressed oil prices.
A new report is summarizing Calgary's downtown office market in one word: scary.
CBRE Ltd. first-quarter results released earlier this month show that the vacancy rate in Calgary's core ballooned to 20.2 per cent during the first quarter of 2016. That's up from 11.8 per cent the same time last year, and 17.6 per cent from the fourth quarter of 2015.
Greg Kwong, who heads up the commercial real estate firm CBRE Ltd's office in the heart of the oilpatch, expects the worse is still to come for Calgary's office market as the local economy sputters in response to depressed oil prices.
News
Jan. 26, 2016 | Kathleen Renne
On purpose
Industry welcomes influx of rental units coming on stream
An increase in the number of purpose-built rentals coming onto the market over the next few years is good for Calgary and the communities they reside in over the long run, say experts
According to Canada Mortgage and Housing Corp.'s (CMHC's) Fall 2015 Rental Market Report for Calgary, 1,216 apartment rental units were under construction as of September 2015, a 53 per cent increase from the year before.
This comes after purpose-built rental apartments increased for the second consecutive year in 2015. CMHC reports 865 purpose-built rental units came on the Calgary market in 2015, bringing the total number of such units in the city up to 35,227.
An increase in the number of purpose-built rentals coming onto the market over the next few years is good for Calgary and the communities they reside in over the long run, say experts
According to Canada Mortgage and Housing Corp.'s (CMHC's) Fall 2015 Rental Market Report for Calgary, 1,216 apartment rental units were under construction as of September 2015, a 53 per cent increase from the year before.
This comes after purpose-built rental apartments increased for the second consecutive year in 2015. CMHC reports 865 purpose-built rental units came on the Calgary market in 2015, bringing the total number of such units in the city up to 35,227.
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.
