He said that while there may be some short-term incentives being offered by landlords, there would need to be a few years of weak economic conditions before rents slump. In fact, average rents in the city were $1500 in 2015, up from $1200 in 2014. Landlords’ deals may bring rents back down to 2014 levels in the near-term according to Alberta Residential Landlord Association president Sandy Pon.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Investment Hot Spots:
Forestburg, Saint-Cyprien, Langford, Roseneath, Elie
The downturn in the energy sector is having a clear effect on the rental market in Edmonton. Mainstreet Equity, which owns 4,000 units in the city, says the issue is short-term but president Bob Dhillon told the Edmonton Journal “I’m going to be honest with you, 2016 is going to be a tough year.”