Va­can­cies low­est since 2007

Calgary Herald - Calgary Herald New Condos - - New Condos - MARTY HOPE

The apart­ment va­cancy rate in the Cal­gary area de­clined for the sec­ond straight year in 2011, reach­ing its low­est level since Oc­to­ber 2007, says a fed­eral agency.

Ac­cord­ing to the Canada Mort­gage and Hous­ing Corp.’s sur­vey, done each Oc­to­ber, the apart­ment va­cancy de­creased to 1.9 per cent, down from 3.6 per cent the pre­vi­ous year.

De­spite the re­duc­tion in va­can­cies, the av­er­age rent in Cal­gary re­mained rel­a­tively sta­ble.

Fol­low­ing a 2.6 per cent re­duc­tion from Oc­to­ber 2009 to Oc­to­ber 2010, rents in­creased 1.8 per cent last Oc­to­ber.

The av­er­age rent for a two-bed­room unit inched up to $1,084 per month last fall. It marked an in­crease from $1,069 the pre­vi­ous year.

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