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Calgary Rental Vacancy Rate Balloons, Says CMHC

Canada's national vacancy rate average for urban centres is 3.3 per cent.
Sarah Rieger
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wichan yingyongsomsawas via Getty Images
Condo life in Calgary

Calgary's rental vacancy rate has skyrocketed, while prices have barely changed, according to a report released Monday by Canada Mortgage and Housing Corporation (CMHC).

Calgary's rental vacancy rate for apartment buildings hit 5.3 per cent in October 2015, up from 1.4 the same month last year, the agency said.

The national average for urban centres is 3.3 per cent.

“The rise in the national vacancy rate was due to lower net migration in regions most affected by low oil prices as well as an increase in the supply of purpose-built rental apartment units,” said Bob Dugan, chief economist at CMHC said in a press release.

Rental condos in the Calgary area also jumped, from a 1.1 per cent vacancy rate to 4.9 per cent, the CMHC reported.

Calgary's average monthly rental rate for a condo is $1,522, making it the third most expensive condo rental market in Canada behind Toronto ($1,754) and Vancouver ($1,543), according to the CMHC. It's only $10 more than last year's statistic despite the change in vacancy rates.

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Timeline: Oilpatch Layoffs Of 2015
(01 of20)
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Here's a look at some of the major energy industry layoffs that have affected Alberta in 2015: (credit:jasonwoodhead23/Flickr)
January 9(02 of20)
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Company: Royal Dutch Shell Layoffs: Hundreds of layoffs at its massive Albian Sands project. The company announced it is laying off less than 10 per cent of its 3,000 workers. (credit:FunGi_ (Trading)/Flickr)
January 14(03 of20)
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Company: Suncor EnergyLayoffs: The company announced it will layoff about 1,000 people from its workforce of 14,000. It also cut $1 billion from its capital budget (credit:ASSOCIATED PRESS)
January 15(04 of20)
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Company: SchlumbergerLayoffs:Schlumberger announced they would cut 9,000 jobs in January, and another 11,000 in April, but did not report on how may of those jobs would affect Alberta employees. (credit:ASSOCIATED PRESS)
February 3(05 of20)
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Company: NewaltaLayoffs: The company announced it would cut 180 people from its workforce to reduce costs and improve margins. The cuts amounted to 15 per cent of its staff. (credit:ASSOCIATED PRESS)
February 5(06 of20)
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Company: Weatherford InternationalLayoffs: The oilfield services company said it will lay off 8,000 workers worldwide, or about 15 per cent of its workforce. According to Global News, about 1,000 of those positions affected Albertans. (credit:Getty Images)
February 12(07 of20)
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Company: Cenovus EnergyLayoffs: Cenovus Energy Inc. said it will cut its staff by about 15 per cent, the bulk of layoffs coming from its contract workforce. The company also suspended employee salary increases for this year. (credit:albertamajorprojects/Flickr)
February 12(08 of20)
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Company: Precision DrillingLayoffs: Precision announced a net loss of $114 million, and was forced to adjust to a "swift and severe" decline in crude prices, said CEO Kevin Neveu. At the time, Neveu said about 50 fewer Precision rigs, and 1,000 fewer people, were running than at the same time a year ago. (credit:ARIEL MARINKOVIC via Getty Images)
February 26(09 of20)
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Company: Finning InternationalLayoffs: Finning International said it will cut 500 employees, or about 9 per cent of its Canadian workforce. Some of these cuts came to people working the Alberta oilsands or based in Edmonton. (credit:Supplied/Finning International)
March 11(10 of20)
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Company: Husky Energy Inc.Layoffs: Husky Energy Inc. unexpectedly laid off 1,100 workers at its Sunrise oilsands project. (credit:AFP via Getty Images)
March 17(11 of20)
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Company: Nexen EnergyLayoffs: Nexen said they would slash 400 jobs "in response to the recent industry downturn." The majority of Nexen's cuts affected employees at its Calgary office. (credit:pembina.institute/Flickr)
March 17(12 of20)
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Company: Talisman EnergyLayoffs: Talisman Canada said it would reduce its workforce by 10 to 15 per cent as it grapples with low crude prices. Spokesman Brent Anderson says up to 200 employee and contractor jobs would be cut, mostly at the company's head office in Calgary. (credit:ASSOCIATED PRESS)
March 18(13 of20)
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Company: ConocoPhillipsLayoffs: ConocoPhillips announced that they will cut seven per cent of their Canadian staff — or about 200 people in total.Spokeswoman Kristin Ashcroft said that some Calgary-based staff and workers in the oil field would be let go. (credit:ASSOCIATED PRESS)
May 14(14 of20)
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Company: Trican Well ServicesLayoffs: Trican Well Service Ltd. cut 2,000 employees from its North American workforce, including about 800 in Canada, and said it will stop paying dividends to its shareholders, citing the difficult current and future market conditions. (credit:Thompson Rivers/Flickr)
July 30(15 of20)
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Cenovus Energy Inc. cut between 300 to 400 jobs in the second half of this year, on top of 800 layoffs announced in February. (credit:albertamajorprojects/Flickr)
Sept. 1(16 of20)
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Penn West announced it is cutting its workforce by 400 full-time employees and contractors — most of them working at company headquarters in Calgary.
Sept. 1(17 of20)
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ConocoPhillips Canada confirmed to CBC News it will reduce its workforce by about 15 per cent — 400 employees and 100 contractors. The majority of jobs lost will be in the Calgary office. (credit:alexismadrigal/Flickr)
Oct. 29(18 of20)
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Cenovus, Suncor, Athabasca Oil and Calfrac all lay off hundreds of workers."Unfortunately, these are the necessary steps required to weather an extended downturn," company spokesman Matt Taylor tells CBC. (credit:Bloomberg via Getty Images)
Nov. 18(19 of20)
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Enmax, Transcanada and Enbridge all announced layoffs, totalling more than 560 employees, CTV reported. (credit:Associated Press)
Nov. 26(20 of20)
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ATCO Group laid off more than 400 people, according to The Calgary Herald, bringing the total group layoffs of the year to over 18,000 workers. (credit:Wildpix645 via Getty Images)

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