Rents seems to be picking up after bottoming out based on a current report.
President and CEO of Hope Street Management Corporation, Shamon Kureshi said; “Private landlords in Alberta have endured a rough ride over the past 24 months, rental rates dropped while vacancy rates climbed rapidly. Leading indicators suggest that there is cause for optimism in 2017 as rental rates appear to have bottomed out, and can only go in one direction from this point forward-up.”
Hope Street rendered that the housing market in Alberta have been facing a tough time, the number of listing available peaked at 8,200 in Calgary, while the end of last year showed to be 5,200 in Edmonton. On the other hand, the rental prices have been eased according to Hope Street, based on a six month price review.
Hope Street said; “The feedback from our renters seems to suggest that there are several factors at play to cause a market shift, including: an improved outlook on oil and gas in the province, less new rental properties coming online, and a slowing of outward migration away from the province. Edmonton’s current average rental rate of $1161 per month appears to have been largely stable in the past 90 days, and Calgary current average rental rate of $1469 per month shows a slight trend upwards.”
Investors from Alberta have also been affected due to the downturn of the oil. Although this report shows to be the first good news current and potential homeowners have heard, many of them would probably take a step back before venturing into the market, till further evidence is made available.