Rising rents spur home construction
BY BILL MAH, EDMONTON JOURNAL
EDMONTON - The good news for apartment-hunters is that the supply of vacancies in the Edmonton region has edged up — if ever so slightly.
The bad news? Average rent rose by a much greater margin.
The Canada Mortgage and Housing Corp. released its annual spring rental market on Wednesday, which gives a snapshot of rents and vacancies in Alberta’s urban centres as of April.
“Rising demand in recent years has encouraged new rental construction in Alberta, which has added to the supply of rental apartments,” said Lai Sing Louie, CMHC regional economist.
“These additions helped to offset increased rental demand through net migration, resulting in a stable vacancy rate in April 2014.”
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