Edmonton Rental Market Overview

Transcription

1 Edmonton Rental Market Overview Brent Weimer, Principal, Market Analysis May 9, 2017

2 Economic and Demographic Highlights 2

3 Edmonton CMA Employment Growth Full-time jobs lower year-over-year yr/yr employment growth (,000s) Full-time Part-time Total Source: Statistics Canada 3

4 Edmonton CMA Net Migration International and intraprovincial key sources in 2016 number of people International Non-permanent residents Intraprovincial Interprovincial Total 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5, ,000-10, Source: Statistics Canada 4

5 Edmonton CMA Population by Age 8.5% of the population are now in the age range proportion of the population 120, , ,000 60,000 40,000 20,000 0 Source: Statistics Canada 5

6 Edmonton s Rental Market

7 Edmonton CMA Rental Starts Rental construction eases in 2016 units 3,000 2,500 Apartment Other 10-year average 2,000 1,500 1, Source: CMHC 7

8 Edmonton CMA Rental Starts Rental share of total starts have increased units 25% 20% Rental share 10-year average 15% 10% 5% 0% Q1 Source: CMHC 8

9 Edmonton Rental Dwellings Renters are the majority in numerous neighbourhoods /Pc_Tenure_Rented_MunCensus2016_0117.pdf Source: M.A.P.S. Alberta/City of Edmonton - Census

10 Edmonton CMA Apartment Rental Construction Unabsorbed rental apartments remain elevated units 4,000 3,000 Starts Under construction Unabsorbed 2,000 1,000 0 Source: CMHC 10

11 Edmonton CMA Rental Apartment Universe Supply of rental apartments continued to expand last year units 60,000 Purpose-built units Condominium units 50,000 40,000 30,000 20,000 10, Source: CMHC, October Survey 11

12 Rental Apartment Universe Wide variation of supply across Canada Calgary Vancouver Saskatoon Windsor Edmonton Toronto Regina Kitchener Victoria Winnipeg London Québec Montréal Rental apartment units per capita (000s) Source: Statistics Canada, CMHC October Survey 12

13 Edmonton CMA Apartment Vacancy Rate Vacancy rates have moved higher per cent 7 6 Purpose-built units Condominium units Source: CMHC, October Survey 13

14 Edmonton Per cent Change of Average Rent Rents declined in 2016 per cent change of fixed-sample average rent Source: CMHC, October Survey 14

15 Brent Weimer Principal, Market Analysis, Edmonton

16 Disclaimer The information, analyses and opinions contained in this document are based on various sources believed to be reliable, but their accuracy cannot be guaranteed. The information, analyses and opinions shall not be taken as representations for which Canada Mortgage and Housing Corporation or any of its employees shall incur responsibility. 2017, Canada Mortgage and Housing Corporation. All rights reserved. CMHC grants reasonable rights of use of this document s content solely for personal, corporate or public policy research, and educational purposes. This permission consists of the right to use the content for general reference purposes in written analyses and in the reporting of results, conclusions and forecasts, including the citation of limited amounts of supporting data extracted from this document. CMHC retains the right to request that such use be discontinued for any reason. No use whatsoever can be made of the name, logo or other official marks of CMHC without the prior written consent of CMHC. The use, reproduction or broadcast of the document itself, in whole or in part, in its physical, electronic or any other form, is prohibited. Subject to the preceding conditions, any use, reproduction or transmission of the content of a CMHC document must include the source of the information, including statistical data, acknowledged as follows: Source: CMHC (or Adapted from CMHC, if appropriate), name and date of document. 16