Vacancy Rate Declines in 2013

CMHC has released their fall 2013 rent report indicating a hot rental market and employment growth for the Edmonton region.

In the Edmonton Census Metropolitan Area (CMA), the apartment vacancy rate declined to 1.4 percent in October 2013, down from 1.7 per cent a year prior. This represents the fourth consecutive year that the apartment vacancy rate declined in Edmonton. Although the rental universe increased since October 2012, stronger demand for rental units outpaced the growth in the purposebuilt rental market. Employment growth and elevated levels of migration have supported increased rental demand in 2013, contributing to the decline in vacancy. Average employment is on pace to increase 2.8 per cent in 2013, helping to attract a record 27,000 net migrants.


The apartment vacancy rate declined or remained relatively stable year-over-year in most areas of the Edmonton CMA. The vacancy rate in the Edmonton CMA in October

2013 ranged from 0.3 per cent in Edmonton’s South West and Strathcona County to 3.8 per cent in North Central Edmonton. Stony Plain recorded the largest decline in the vacancy rate, down from 4.0 per cent in October 2012 to 1.4

per cent in October 2013.


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Today’s Bank of Canada rate hold announcement marks almost four straight years that the key benchmark rate has remained unchanged, since September 8, 2010. Great news if you have a variable-rate mortgage or home equity line of credit; the prime rate stays at 3%.


The announcement noted that “the risks to the outlook for inflation remain roughly balanced, while the risks associated with household imbalances have not diminished.” With these considerations, the Bank is maintaining its monetary policy stimulus, and remains neutral with respect to the timing and direction of the next change.


The next rate-setting day is October 22nd.

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