Work continues on the apartment building located at 301 Timothy Drive Wednesday.

Rental vacancy up in Red Deer: CMHC

Canada Mortgage and Housing Corp.’s latest rental market report suggests that developers are responding to the scarcity of apartments in Alberta.

Canada Mortgage and Housing Corp.’s latest rental market report suggests that developers are responding to the scarcity of apartments in Alberta.

The report, which looked at vacancy and rental rates in April, found that an average of 1.8 per cent of apartment units were available that month. That compared with 1.5 per cent in April 2013.

“Between the 2013 and 2014 April surveys, the provincial rental apartments universe experienced a net gain of 1,274 units, which helped to offset increased demand,” said CMHC in its report. “Further additions to the rental market universe will occur in future surveys, as there were over 4,100 rental units under construction in April 2014.”

In Red Deer, the apartment count grew by 48 units year-over-year, although several additional buildings are under construction.

The overall vacancy rate in the city increased to 2.1 per cent from 1.6 per cent in the 12 months leading up to April. Among communities with 10,000 or more people, vacancy rates ranged from zero per cent in Canmore to 7.0 per cent in the Regional Municipality of Wood Buffalo. Sylvan Lake was at 3.7 per cent, up from 1.5 per cent; and Lacombe increased to 1.6 per cent from 0.4 per cent.

CMHC said apartment vacancy rates in Alberta have remained relatively low because of the influx of people to the province. Net migration last year involved a record 102,465 people.

Meanwhile, employment growth remained strong, with 76,300 new jobs created in Alberta between April 2013 and April 2014, and average employment jumping 3.5 per cent during this period. The high demand for rental accommodation continued to put upward pressure on rental rates.

The average rent for two-bedroom apartments that were included in both the 2013 and 2014 CMHC surveys was up 5.5 per cent.

In the case of Red Deer, the increase was 5.6 per cent, while in Sylvan Lake it was 2.9 per cent and in Lacombe it was 1.5 per cent.

The average rent for new and existing two-bedroom apartments in larger centres in April was $1,190 — ranging from $739 in Medicine Hat to $2,061 in the Regional Municipality of Wood Buffalo. In Red Deer, the average rent for new and existing two-bedroom apartments was $956, up from $902. Bachelor units jumped to $667 from $571, one-bedroom apartments went to $816 from $902, and apartments with three-plus rooms increased to $1,034 from $1,009. The average two-bedroom rent in Sylvan Lake in April was $921, as compared with $899 a year earlier. In the case of Lacombe, the figure went to $804 from $783.

Just Posted

Photos: Red Deer barn dance entertains children, adults Tuesday

Hundreds of Central Albertans started their Westerner Days celebrations early with an… Continue reading

Manslaughter charge laid against Red Deer man more than a year after homicide

A manslaughter charge has been laid against a Red Deer man, more… Continue reading

Woman facing charges after pedestrian critically injured in hit and run

A woman is in custody in connection with an alleged hit and… Continue reading

Friday hail storm came at a bad time for farmers

Amount of damage a hail storm does often depends on how far along crops are

Record 10 homers as AL wins All-Star Game 8-6 in 10 innings

American League 8 National League 6 (1o innings) WASHINGTON — A record… Continue reading

Photos: Red Deer barn dance entertains children, adults Tuesday

Hundreds of Central Albertans started their Westerner Days celebrations early with an… Continue reading

Man suffers critical injuries, Red Deer police arrest woman in pedestrian crash

A man is in hospital with critical injuries and Mounties have arrested… Continue reading

Cull hasn’t been able to solve bunny burden in Alberta mountain town of Canmore

CANMORE, Alta. — Problems persist in an Alberta mountain town overrun with… Continue reading

Canada should help Holocaust denier on trial in Germany: civil liberties group

OTTAWA — A civil liberties group is urging the Canadian government to… Continue reading

Westerner Days: Send us your photos

Your reader photo may just make the pages of the Adovcate.

Adam Henrique signs $29.1M, 5-year extension with Ducks

ANAHEIM, Calif. — Centre Adam Henrique has signed a $29.1 million, five-year… Continue reading

Fashion firms upend design routine to focus on speed, trends

NEW YORK — Prototypes? Passe. Fashion company Betabrand saw that knitwear was… Continue reading

Most Read


Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month