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Developers switching condos into rentals as unsold inventory hits a 16-year high, but rental vacancy rates are also soaring.
Hailed four years ago as leading Canada’s hottest housing market, Calgary condominium developers are now facing the highest unsold inventory in 16 years as low oil prices sink sales in Alberta’s biggest city.
Kuershi added that his company’s research of smaller rental properties shows that 37% of Calgary’s rental units are empty, or nearly 3,000 vacant units.
http://www.westerninvestor.com/news/alberta/calgary-s-new-condo-sales-plunge-1.9713067
NB: posted as new topic as "Update on Alberta" topic was removed.
Hailed four years ago as leading Canada’s hottest housing market, Calgary condominium developers are now facing the highest unsold inventory in 16 years as low oil prices sink sales in Alberta’s biggest city.
Kuershi added that his company’s research of smaller rental properties shows that 37% of Calgary’s rental units are empty, or nearly 3,000 vacant units.
http://www.westerninvestor.com/news/alberta/calgary-s-new-condo-sales-plunge-1.9713067
NB: posted as new topic as "Update on Alberta" topic was removed.
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