“After a couple of roller-coaster years, Calgary is back on a roll,” reads the report from Real Estate Investment Network Ltd. “The return of jobs to the city, as well as greatly reduced office vacancy rates show us that the city’s short slump has come to an end.”
The same goes ditto for Edmonton, albeit to a slightly lesser extent, according to REIN, which looked at GDP growth and the lowest unemployment rates in the country.
The rental and housing markets themselves are also reason to cheer.
“With the pressure on the resale housing market, there is similar pressure on the rental market,” reads the report. “Inventory has dropped for rental accommodations while monthly rents have increased.”
The research comes on the heels of another report placing Alberta’s two largest cities in the cat bird’s seat.
Last week, PwC and the Urban Land Institute in their annual forecast pointed to Calgary and Edmonton as having displaced Toronto and Vancouver as the top investment spots in Canada, at least for 2013.
The burgeoning success is the byproduct of Alberta’s booming oil patch and the job migration that has overwhelmed the existing housing stock – both rental and for-sale properties.
“Real estate investors and real estate agents are reporting that rental listings are being pounced on,” reads the REIN report. “Savvy investors purchasing units and advertising them for rent upon close are receiving calls from anxious tenants wanting to see the unit before the investor has possession and/or has done any improvements to the property. Rental sites are reporting difficulty in compiling statistics become some communities have nothing for rent.”
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