The area with zero per cent vacancy rate, soaring house prices

The Mayor of Canmore says that his town has a housing shortage with no rental vacancies and soaring house prices.

John Borrowman told CBC that the town, on the edge of Banff National Park, is in crisis. He says that people are being forced to leave town for affordable housing.

Prices have reached an average of $998,000 and the rental market has been at a zero per cent vacancy rate for a year.

The issue has been approaching for some time and the town acquired land to build new homes but it was badly hit by floods in 2013.

Mayor Borrowman said that if they could swap it with some alternative provincial land it would be a big help.

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