Lagging economy throws Calgary into renters market

Calgary’s rental market is feeling the fallout from a weak economy as vacancy rates continue to rise in the city.

Gerald Baxter, executive director at Calgary Residential Rental Association, said layoffs and new construction are contributing to what has suddenly become a renters market in the city.

“Not as many calls from prospective tenants when properties are being advertised, tenants come by and look but they’re being selective and they’re shopping around, a year ago it was pretty much if you found somewhere that was available, you took it,” Baxter said.

He predicts similar conditions to last for the next several months.

The Canada Mortgage and Housing Corporation reported a six per cent increase in rental rates but that number is a reflection of stronger demand late last year.

“People are losing their jobs and moving out, and others have lost their jobs and have moved out of the province so we’re seeing a lot of people who have become unemployed and have had to leave the province,” Baxter said.

It is a stark contrast to last year at this time when the CRRA was fielding calls from students panicking because they had no place to live.

Baxter said he has had no such calls so far this summer.

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