Calgary’s apartment vacancy rate has hit its highest level in 25 years.
The Canadian Mortgage and Housing Corporation (CMHC) released its rental market report on Monday, which shows the apartment vacancy rate continued to climb for a third straight year, reaching seven per cent in October
That’s up from 5.3 per cent a year ago.
The biggest jump in the vacancy rate was for apartments with three or more bedrooms. Meanwhile, the average rent fell by 7.6 per cent to$1,143.
“Weak economic and labour market conditions have held back renter demand while increasing supply in both the primary and secondary rental markets has resulted in a significant jump in apartment vacancies this year,” said Richard Cho, the principal market analyst for Calgary.
The housing authority says fewer employment opportunities in the city have prompted some job seekers to look for work in other provinces.