Calgary apartment vacancy rate decreases in 2012
Down to 1.3%
CALGARY — The apartment vacancy rate in the Calgary region averaged 1.3 per cent in October, down from 1.9 per cent last year, according to Canada Mortgage and Housing Corp.’s Fall Rental Market Survey released Thursday.
“Employment growth and higher incomes, supported by Calgary’s expanding economy, continued to attract migrants and increased demand for rental units,” said Richard Cho, senior market analyst in Calgary for the CMHC.
The apartment crunch will likely continue as the CMHC is forecasting 20,000 net migrants to the Calgary area in 2012 after 11,200 net migrants in 2011.
“Alberta is once again seeing some very strong interprovincial migration these days and many of these people are arriving in Calgary,” said Todd Hirsch, senior economist with ATB Financial. “Typically before looking at buying a home, the recently-arrived will rent an apartment. That’s where a lot of the strong demand is coming from, and it’s pushing down the vacancy rate in the rental market.”
Recently, Sam Kolias, chairman and chief executive of Calgary-based Boardwalk Real Estate Investment Trust, told the Herald that the local rental market continues to see high demand as people keep moving to the province.
In the REIT’s third quarter, which ended September 30, it has 5,310 rental units in Calgary and the occupancy rate was 99.34 per cent, up from 98.89 per cent last year.
The apartment vacancy rate in most zones in Calgary declined from the previous year, said the CMHC report. Areas close to the downtown where there is a high concentration of employers continued to have among the lowest vacancy rates in the city, said the CMHC.
The vacancy rate in the Downtown zone reached 0.5 per cent in October, down from 1.0 per cent in October 2011.
The strong demand for rental accommodations combined with lower vacancies has led to an increase in rental rates in Calgary. Same-sample rents increased 6.1 per cent in October, following a 1.8 per cent rise in the previous year. Bachelor units and two-bedroom units recorded an increase of 7.4 per cent and 5.9 per cent, respectively. The average same-sample rent for three-bedroom units increased 4.2 per cent from a year earlier, said the agency.
Overall, the two-bedroom rent in Calgary averaged $1,152 in October, up from $1,087 last year. The Downtown and Beltline had among the highest average two-bedroom rents in the Calgary CMA at $1,240 and $1,222, respectively. The Southeast and Other Centres recorded the lowest two-bedroom rents in October, averaging $998 and $1,005, respectively.
Vacancies for rental condominium apartments declined to 2.1 per cent in October, down from 5.7 per cent in October 2011. The condominium rent in CMHC’s 2012 survey averaged $1,288 per month, down from $1,378 last year.
“Condominium apartment rents are typically higher compared to units in the purpose-built rental market as the buildings are generally newer and may include additional amenities such as a fitness centre, entertainment room, and heated underground parking,” said Cho.
Don Campbell, president of the Real Estate Investment Network in Canada, said the low vacancy rate wil lead to two things.
“Strong upward pressure on rents across the board, at all levels. Upward pressure on resale housing market first in 2013, then new home sales in 2014,” he said. “Look for the market to perform well in 2013 with values going up more quickly than 2012.”
Cranston Calgary Real Estate
Nestled next to the stunning Bow River Valley and Fish Creek Park, Cranston is an inspiring backdrop for outdoor lifestyles. Hike, bike, rollerblade or jog along year-round pathways that unwind among acres of lush park space. Relax near the Bow River with a picnic or a fishing rod. Or spend time with the kids in one of the many parks and playgrounds.
Every area of the city is easily accessible from Cranston’s location at Highway 22X (Marquis of Lorne Trail). Deerfoot Trail takes you directly downtown or to the Calgary International Airport and puts Foothills Industrial Park within easy reach. Follow Highway 22X west for direct access to Kananaskis Country and the Rocky Mountains, as well as the retail business corridor on Macleod Trail. http://calgary.livebrookfield.ca/livebrookfield/index.php/communities/cranston/experience-the-community.
Century Hall (Cranston) is your very own private resident's facility complete with a gymnasium, banquet facilities, ice rink, splash park and toboggan run — plus the opening of Cranston Market and two new schools in 2010, Cranston has everything your family needs right in your own backyard.
Century Hall Is At The Heart Of The community
Located on a spacious 7–acre gated park site is Century Hall – a striking 22,000 sq. ft. private facility for the residents of Cranston. Complete with meeting and banquet rooms, a gymnasium, multi-function rooms, a skate change area and more, Century Hall is the central gathering place for the community. Recreational programs, summer camps, workshops and community events all take place here.
Membership in the Cranston Residents Association is automatic and mandatory with the purchase of a home in Cranston. The payment of dues, which is reviewed and established annually, is secured by an Encumbrance (subject to upward adjustment for inflation) registered on the title of each member’s property. The Association, including the operation of Century Hall, is administered by a Board of Directors made up of Brookfield Residential and resident representatives.
Annual fees for 2012-13 are:
Standard - $146.15 (including GST)
*Annual fees are subject to annual compounded inflation increases and GST.
Interest will only be applied to all outstanding accounts beginning on May 1st of each year.
Cranston Home Builders
- Albi Homes
- Baywest Homes
- Brookfield Homes
- Cardel Homes
- Cardel Lifestyles
- Cedarglen Homes
- Discovery Homes
- Shane Homes
- Trico Homes
Calgary Board of Education interactive map of Schools for the Community of Cranston
Cranston Real Estate Statistics more statistics here
There were 33 Cranston Single Family Homes Sold in July of 2012, with an average sale price of $468,257 and a median sale price of $415,000. The average days on market (DOM) for these 33 sales was 60 days.
Cranston Community profile pdf Download
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Diane Richardson 403.397.3706