News & Events

Edmonton, December 13, 2011 – According to Canada Mortgage and Housing Corporation’s

(CMHC) Fall Rental Market Survey, the apartment vacancy rate1 across the Edmonton Census

Metropolitan Area (CMA) decreased to 3.3 per cent in October, compared to 4.2 per cent in the

previous year.

“Increased net migration into Alberta and stronger job creation in the Capital region has contributed to

the reductions in vacant rental apartments,” said Richard Goatcher, CMHC’s Senior Market Analyst for

Edmonton.

Bachelor suites reported the lowest vacancy rate across Greater Edmonton at 2.7 per cent compared

with 4.5 per cent in October 2010. Vacancies among all other types were very close to the overall 3.3

per cent average for all apartments. The area with the lowest vacancy rate this fall was St. Albert, at

0.5 per cent. Other relatively tight markets included the South West and Leduc, both at 1.2 per cent.

Similar to the 2010 October survey, the highest vacancy rate was found in Fort Saskatchewan at 10.7

per cent compared with 10.2 per cent a year prior.

In October 2011, an average two-bedroom apartment rented for $1,034, representing a $19 increase

from October 2010. Between October 2009 and 2010, two-bedroom rents remained stable at $1,015

per month. “With apartment vacancies trending downward across Edmonton, some property

managers and owners have been able to increase rents,” noted Goatcher.

On a same-sample basis2, the average rent for a two-bedroom apartment increased by 0.9 per cent

from October 2010 to October 2011. In last year’s survey, the year-over-year per cent change in

same-sample rents compared to 2009 was not statistically different from zero.

CMHC’s 2011 Secondary Rental Market Survey found a total condominium universe of 41,183 units

this October compared with 39,413 units last fall. The number of condominium apartments identified

as rental totalled 11,733 units, not significantly different from last year. The proportion of condominium

units indentified as investor-owned and rented rather than owner-occupied remained stable at 28.5 per

cent of the total condominium universe, compared with 28.7 per cent in 2010.

The vacancy rate in rental condominium apartments across the Edmonton CMA was 3.7 per cent in

October 2011 compared to a vacancy rate was 5.2 per cent in October 2010. For a typical twobedroom

condominium apartment unit, the average monthly rent increased from $1,050 in October

2010 to $1,164 this year.