Edmonton Rental Market Overview Brent Weimer, Principal, Market Analysis May 9, 2017
Economic and Demographic Highlights 2
Edmonton CMA Employment Growth Full-time jobs lower year-over-year yr/yr employment growth (,000s) 60 50 40 30 20 10 0-10 -20-30 -40-50 Full-time Part-time Total -60 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Statistics Canada 3
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 0-5,000-10,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Source: Statistics Canada 4
Edmonton CMA Population by Age 8.5% of the population are now in the 30 34 age range proportion of the population 120,000 100,000 2016 2011 2006 80,000 60,000 40,000 20,000 0 Source: Statistics Canada 5
Edmonton s Rental Market
Edmonton CMA Rental Starts Rental construction eases in 2016 units 3,000 2,500 Apartment Other 10-year average 2,000 1,500 1,000 500 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Source: CMHC 7
Edmonton CMA Rental Starts Rental share of total starts have increased units 25% 20% Rental share 10-year average 15% 10% 5% 0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017Q1 Source: CMHC 8
Edmonton Rental Dwellings Renters are the majority in numerous neighbourhoods http://mapsab.ca/downloads/socialatlas/municensus/ 2016/Pc_Tenure_Rented_MunCensus2016_0117.pdf Source: M.A.P.S. Alberta/City of Edmonton - Census 2016 9
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
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 10,000 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Source: CMHC, October Survey 11
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) 0 20 40 60 80 100 120 140 Source: Statistics Canada, CMHC October Survey 12
Edmonton CMA Apartment Vacancy Rate Vacancy rates have moved higher per cent 7 6 Purpose-built units Condominium units 7.1 6.8 5 5.2 5.3 4 3 4.3 4.5 4.2 3.7 3.1 3.3 4.2 2 2.4 2.5 2.3 1.5 1.5 1.7 1.7 1 1.4 1.1 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Source: CMHC, October Survey 13
Edmonton Per cent Change of Average Rent Rents declined in 2016 per cent change of fixed-sample average rent 20 15 18.1 10 8.9 5 5.5 6.2 0.4 1.0 3.7 2.4 0-0.5-3.6-5 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Source: CMHC, October Survey 14
Brent Weimer Principal, Market Analysis, Edmonton 780-423-8729 bweimer@cmhc-schl.gc.ca 15
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