Gil Property Management & Sales Ltd’s Post

Alberta's rental market in 2024 is experiencing significant inflation, with average rent prices now at $1,787. This has been driven by factors like interprovincial migration and increased demand for larger units, particularly three-bedroom apartments, which saw a 21.3% year-over-year increase. As tenants compete for fewer affordable options, and landlords try to balance profitability with tenant retention, the market has become highly competitive. Get all the insights by reading our latest blog post! https://buff.ly/48QtHvE #AlbertaRentals #RentalMarket #PropertyManagement #RentIncreases

Our latest Alberta report is in—here's what landlords need to know. 🏢 Edmonton’s rent for unfurnished, one-bedroom units surges by 13.53% year-over-year, while Calgary sees a 6.11% increase. However, both Calgary and Edmonton saw slight declines month-to-month heading into peak rental season. With the target overnight rate cut to 4.75%, rates may fall consistently in the coming months. Stay in the know: https://link.liv.rent/2r0 #Alberta #RealEstate #InvestmentProperty #PropertyManagement #BankOfCanada

Calgary rent prices spike again but it's not all bad Contact me to discuss the latest scoop in real estate! #Realestatealberta #calgaryrealtors #yegrealestate #yegrealtor #yegrealty #yeghomes #sherwoodparkrealtor #sprucegroverealtor #stalbertrealtor #leducrealestate

Calgary rent prices spike again but it's not all bad Contact me to discuss the latest scoop in real estate! #Houseforsell #realestateagent #YYCrealestate #YYCrealtor #YYC #calgaryrealtors #calgarylistings #realestateinvestor #realtor #housingmarket

"Interprovincial migration helps fuel tight Calgary housing market as inventory falls." According to the Calgary Real Estate Board, home sales in March increased by 9.9% compared to the previous year, with interprovincial migration to Alberta playing a role in creating tight market conditions. The most notable year-over-year price gains were observed in relatively more affordable housing types like row and apartment-style homes. Ann-Marie Lurie, the chief economist at CREB, noted that market conditions in March were the tightest since 2006, coinciding with high levels of interprovincial migration during that period. Properties spent an average of 20 days on the market before being sold in March, representing a 24.3% decrease compared to the previous year. Explore our portfolio of residential rental properties across Western Canada, including our 341-unit apartment building in Calgary ✨ https://westbowcapital.ca/ // #realestateinvesting #realestatecanada #reit #markettrends #financialeducation #financialreporting #canadianfinance #westbow #investmentcanada #canadian #westerncanada #assetmanagement #propertymanagement #investwithus #chilliwack #chilliwackbc #calgarybc #sask

Why rents are so high in Calgary Contact me to discuss the latest scoop in real estate! #calgaryrealtors #yycre #yycrealestate #yyclistings #calgaryre #calgaryrealestate #homesweethome #yycnow #yyc #calgary

Current Trends and Developments in the Canadian Multifamily Rental Market Rent Increases and Regional Variations: 1) The average rent in Canada increased by 9.3% year-over-year, with notable regional differences. Alberta saw a 17.5% increase, British Columbia a 2% rise, and Ontario a 0.6% increase after a decline in April. 2) Studio apartments experienced the fastest growth, with purpose-built studios up by 17.8% to an average of $1,615. Housing Supply and Demand: 1) Despite the completion of new rental units, the demand for rentals continues to outstrip supply. This is exacerbated by the high costs of homeownership driven by elevated interest rates, which encourage more households to remain in rental housing. 2) The Canada Mortgage and Housing Corporation (CMHC) forecasts that economic conditions and interest rates will continue to impact housing starts and the rental market dynamics through 2025 and 2026. Government Initiatives: 1) In British Columbia, new measures have been introduced to protect renters from bad-faith evictions, highlighting the province’s efforts to address rental market challenges and protect tenants. 2) The City of Calgary is also actively selling land parcels for mixed-use and multi-family developments, aiming to increase housing supply in the region. These trends illustrate a complex landscape where rental costs are rising, supply struggles to keep pace with demand. As we move forward, it will be crucial for stakeholders to monitor these dynamics and adapt strategies accordingly to ensure a balanced and sustainable rental market in Canada. #MultifamilyRentals #RentalMarketTrends #CanadianHousing #RentGrowth #AffordableHousing #RealEstate #HousingPolicy #RentalDemand #HousingSupply #TraceRent

Why rents are so high in Calgary Contact me to discuss the latest scoop in real estate! #yycinvestmentproperties #yycincomeproperties #yycinvestorrealtor #legalsuites #YYC #realestateinvestor #realestateinvesting #sampondrealestate #sampond #calgaryrealtors

Why rents are so high in Calgary Contact me to discuss the latest scoop in real estate! #Houseforsell #realestateagent #YYCrealestate #YYCrealtor #YYC #calgaryrealtors #calgarylistings #realestateinvestor #realtor #housingmarket

Calgary rent prices spike again but it's not all bad Contact me to discuss the latest scoop in real estate! #yycinvestmentproperties #yycincomeproperties #yycinvestorrealtor #legalsuites #YYC #realestateinvestor #realestateinvesting #sampondrealestate #sampond #calgaryrealtors