Calgary’s housing market, particularly its rental sector, may be seeing some improvements as hundreds of additional dwelling units are currently under construction.
Data from the Canada Mortgage and Housing Corporation (CMHC) stated there are 1,170 units are currently under construction in the city, a drastic jump from 548 units at this time last year.
CMHC’s Calgary analyst Felicia Mutheardi believes its next report will find a welcome spike from the current vacancy rate of 1.4%.
“We do expect there to be some upper pressure on the overall vacancy rate and the primary rental market. Our forecast for 2015, is for that vacancy rate to increase to 2% this year,” Mutheardi said.
The Globe and Mail
also reported that there are plans to transform dozens of existing retail buildings across Calgary and Toronto into mixed-use rental spaces.
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