Apartment rental vacancy doubles in Red Deer, prices decrased by 3.9 per cent

While rental vacancies in Red Deer have more than doubled in the past year, the average rental price has decreased by 3.9 per cent.

According to new statistics from the Canadian Mortgage and Housing Corporation, Red Deer saw an increase in apartment vacancies from 5.4 per cent in October 2015 to 13.6 per cent in October 2016.

Lai Sing Louie, CMHC regional economist, said the provincial rates have risen for a second straight year as “rental supply outpaces demand.”

Similar trends are visible in other Central Alberta communities. In Sylvan lake the vacancy rate increase from 8.9 per cent to 19.2 per cent and in Lacombe it increased from 3.6 per cent to 11.4 per cent.

Red Deer’s vacancy increase can also been seen across all types of available property. Bachelor’s increased three per cent to seven per cent, one-bedrooms increased 5.3 per cent to 12.7 per cent, two-bedrooms increased 5.8 per cent to 14.7 per cent and three or more bedroom rentals increased from 1.6 per cent to 10.3 per cent.

Compared to the province, Red Deer’s vacancy increased more as the province’s vacancy rate grew from 5.6 per cent to 8.1 per cent.

For price, a bachelor apartment averages $738 per month as opposed to $755 a year before; one-bedrooms are down to $848 from $870, two-bedrooms are down to $1,016 from $1,036 and three or more bedrooms are down to $1,069 from $1,138.

Just Posted

Not a political question: Thunberg calls for climate action in Alberta

EDMONTON — Teen climate activist Greta Thunberg marched into the middle of… Continue reading

Alleged sex assault victim details struggles in proposed suit against Toronto school

TORONTO — A former student at an all-boys Catholic school in Toronto… Continue reading

Leaders trade accusations of desperation tactics as campaign heads down to wire

OTTAWA — The three main party leaders accused one another of desperation… Continue reading

Probation for some new Alberta bus, truck drivers after Broncos family pressure

EDMONTON — Alberta’s transportation minister says there will be a two-year probationary… Continue reading

Red Deer RCMP looking for missing 64-year-old woman

Red Deer RCMP are asking the public to help find a missing… Continue reading

WATCH: Red Deer Citizens on Patrol monitoring downtown with new program

Volunteers will patrol downtown Red Deer to help keep the city safe.… Continue reading

Your community calendar

Wednesday Red Deer River Naturalists Flower Focus Group Meeting. When: Oct. 16… Continue reading

Meet the candidates running in Red Deer-Mountain View

Each of the candidates running in the Red Deer-Mountain View riding were… Continue reading

Not a political question: Thunberg calls for climate action in Alberta

EDMONTON — Teen climate activist Greta Thunberg marched into the middle of… Continue reading

Red Deer Rebels struggle early, fall to Oil Kings

Oil Kings 5 Rebels 1 It’s been a tough stretch for the… Continue reading

Pick ’Em: No clear favourite on Canadian men’s curling scene this season

The days of just one or two Canadian men’s curling teams being… Continue reading

Brooke Henderson hits hole in 1, leads LPGA Shanghai

SHANGHAI — Canada’s Brooke Henderson hit a hole-in-one and shot a tournament… Continue reading

Alleged sex assault victim details struggles in proposed suit against Toronto school

TORONTO — A former student at an all-boys Catholic school in Toronto… Continue reading

Leaders trade accusations of desperation tactics as campaign heads down to wire

OTTAWA — The three main party leaders accused one another of desperation… Continue reading

Most Read