Vacancies lowest since 2007
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.