HELLO READERS
Provincial Budget
COOL DOWN
Introducing CREB®Now’s Three garden tasks new design columnist you can skip this fall
No new funding for affordable housing
DEBORAH HARRISON A9
DONNA BALZER A11
A5
OPEN HOUSE 0
,00
19
$8
Huge Price Reduction Best Value in Oakridge MLS®C4031818
SUN NOV 8th 1- 5 PM 124 Oakside BA SW
Lee Edwards 403-540-0540
CANYON CREEK
FREE nov 6 to nov 12 2015 issue 05-43
real estate news from industry experts
editorial 403-781-1324 advertising 403-263-4940 crebnow@creb.ca
RENTAL SPACE RISING Calgary vacancy rates quadruple from last year: CMHC CODY STUART
managing editor
C
algary’s once-cramped rental market has space to spare, and it could have implications for the city’s new and resale home sectors. In its recent fall rental survey, Canada Mortgage and Housing Corporation’s (CMHC) reported vacancy rates in Calgary’s rental sector has nearly quadrupled over the previous year, jumping to 5.3 per cent in October from 1.4 per cent at the same time last year. “The call volume has dropped off considerably in the last 12 months,” said Mainstreet Equity Corp. CEO Bob Dhillon, whose Calgary-based real estate company owns and oper-
Mainstreet Equity Corp. CEO Bob Dhillon says his company’s call volume has dropped considerable over the last year.
ates rental properties in the Calgary area, as well as in British Columbia and Saskatchewan. Dhillion points to an influx of new condominium projects as a contributor to rising vacancy rates in the city. “The supply chain from the boom days when people started building condos and houses – they’ve all come on-stream during a slow period,” he said. “That’s created a little bit of an overhang in the market when a lot of (those) unsold condos hit the rental market.” CMHC analyst Richard Cho also credits the province’s beleaguered energy sector for improved vacancy rates. “Considering how the economy in Calgary has changed and how much the price for oil has declined from 2014, it does not come as a big surprise to see the vacancy rate move up,” he said. “Slower migration and job losses in a number of different sectors have impacted rental demand.” Despite improved Calgary’s vacancy rate, rents have yet to show a corresponding decline. In fact, according to CMHC, the average rent for a two-bedroom apartment in the city increased compared to last year, jumping $10 to $1,332 and placing Calgary behind only Vancouver ($1,360) as the most expensive market in the country.
VACANCY A3
PHOTO COURTESY MAINSTREET EQUITY CORP.
3388 OCT13 NOV13 2743 DEC13 1765 JAN14 2181 2641 FEB14 3033 MAR14 3820 APR14 4528 MAY14 4759 JUN14 4678 JUL14 4591 AUG14 4559 SEP14 4162 OCT14 3826 NOV14 3213 DEC14 4655 JAN15 5474 FEB15 5693 MAR15 5579 APR15 5342 MAY15 5070 JUN15 5055 JUL15 5146 AUG15 5526 SEP15 5578 OCT15
CITY OF CALGARY
MLS® MONTH END INVENTORY* OCT ‘13 – OCT ‘15
*All statistics based on monthly data compiled by CREB® via MLS® activity. Includes detached, attached and apartment.
$139,900 MLS®C4033103
OPEN HOUSE Sun, 1 to 3
$619,900 MLS®C4035522
#329 3223 83 ST NW
68 Snowdon Cres SW
Located in Greenwood close to C.O.P. Mobile home with 4 Bedrooms, 2 Baths and 1,465 sq. ft. $139,900, new paint, new lights, new floors and fireplace. Owner occupied only
Brand New Family oriented home with 5 Bedrooms and 3 1/2 baths in Southwood. Walking Distance to C-Train. 1,710 sq. ft. finished basement, ensuite, new flooring, new kitchen, new appliances
HIGH RIVER TO RECEIVE FLOOD MITIGATION FUNDING
CONTENTS NEWS BRIEFS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A3 MARKET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A3 October statistics
CREB® STAFF
T
he Alberta government has committed $6 billion in funding to flood-protection measures along Highwood River that will protect High River residents from re-living the disaster that hit southern Alberta in 2013. The projects – which include work on the southwest berm, design and construction of the Fifth Street berm and rehabilitation of the Lineham Bridge – reflect a commitment of approximately $30 million in multiyear funding for flood infrastructure in High River.
PROVINCIAL A3
OPEN HOUSE Sat & Sun, 1 to 4
FIVE THINGS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A4 Transit & housing
RURAL. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A6 Business rankings
MUNICIPAL. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A7 Affordable housing
INDUSTRY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A10 Land title fraud
MORTGAGE RATES . . . . . . . . . . . . . . . . . . . . . . . . A10 MAP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B1 OPEN HOUSES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B15 @crebnow
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Lori Dahlberg Independently Owned and Operated
In Calgary call 403-289-3322 Out of town Call 1-877-565-5674 For more information go to www.LoriDahlberg.com lori@royallepage.ca