Medicine Hat, AB – Rental vacancy rates continue to go down in Medicine Hat.
According to the Canada Mortgage and Housing Corporation (CMHC) that is a good thing for the province’s economy.
In 2017, the rate sat at a high rate of 5.8 per cent according to CMHC senior market analyst James Cuddy.
The latest numbers show it now sits around 5.1 per cent.
He says these high numbers were created by the 2014 oil crisis.
“This impacted population and the labour market which pushed individuals out of Alberta.” He explained. “And this is what created a lot of vacancies in markets across Alberta, including Medicine Hat.”
Although still off of the ideal rate of 3 per cent Cuddy says things are going back in the right direction.
“They are more sustainable level.” He continued. “This means that the rental market is tighten up, that some of these vacancies are being absorbed by renters and its reflective of the recent demand we are seeing across Alberta in the rental market.”
Across Alberta the average rate of rental vacancy is around 5.6 per cent, down from 7.6 per cent the year before.
