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CANADA MORTGAGE AND HOUSING CORPORATION
Edmonton Multi-Family MarketBrent Weimer, Principal, Market Analysis
May 11, 2017
Economic and Demographic Highlights
4
CANADA MORTGAGE AND HOUSING CORPORATION
Edmonton CMA Population by Age RangeMore millennials than baby boomers
Source: Statistics Canada5
population by age range
0
20,000
40,000
60,000
80,000
100,000
120,000
2016 2011 2006
CANADA MORTGAGE AND HOUSING CORPORATION
Edmonton CMA Employment GrowthFull-time jobs lower year-over-year
-60
-50
-40
-30
-20
-10
0
10
20
30
40
50
60
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Full-time Part-time Total
yr/yr employment growth (,000s)
Source: Statistics Canada 6
CANADA MORTGAGE AND HOUSING CORPORATION
-10,000
-5,000
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
International Non-permanent residents Intraprovincial Interprovincial Total
Edmonton CMA Net MigrationInternational migration surges in 2016
Source: Statistics Canada
number of people
7
CANADA MORTGAGE AND HOUSING CORPORATION
Edmonton’s Multi-family Market
CANADA MORTGAGE AND HOUSING CORPORATION
287,775, 57.3%
31,195, 6.2%
42,865, 8.5%
95,675, 19.1%
26,885, 5.4%
10,680, 2.1%
7,070, 1.4%
Single-detached
Semi-detached
Row
Apartment < 5 storeys
Apartment 5+ storeys
Apartment or flat in a duplex
Movable/Other
Single
Semi
Row
Apt <5 storeys
Apt 5+
Edmonton CMA Dwellings by TypeApartments represent one quarter of all homes
Source: Statistics Canada9
CANADA MORTGAGE AND HOUSING CORPORATION
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Single-detached Semi-detached
Row Apartment
Edmonton CMA Housing StartsOver half of all starts in the last 10 years were multi-family
Source: CMHC
units
10
CANADA MORTGAGE AND HOUSING CORPORATION
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Condominium Rental
10-yr avg (Condo) 10-yr avg (Rental)
Edmonton CMA Apartment StartsTwo-thirds of apartment starts were condominiums
Source: CMHC
units
11
CANADA MORTGAGE AND HOUSING CORPORATION
Edmonton CMA Rental Apartment UniverseSupply of rental apartments continued to expand last year
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Purpose-built units Condominium units
units
Source: CMHC, October Survey12
CANADA MORTGAGE AND HOUSING CORPORATION
0
200
400
600
800
1,000
1,200
Unabsorbed Rental Unabsorbed Condominium
Edmonton CMA Unabsorbed Apartments Unabsorbed apartments are at elevated levels
Source: CMHC
units
13
CANADA MORTGAGE AND HOUSING CORPORATION
Edmonton CMA Apartment Vacancy RateVacancy rates have moved higher
1.5
2.4
4.54.2
3.3
1.71.4
1.7
4.2
7.1
1.5
4.3
3.1
5.2
3.7
2.5
1.1
2.3
5.3
6.8
0
1
2
3
4
5
6
7
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Purpose-built units Condominium units
per cent
Source: CMHC, October Survey14
CANADA MORTGAGE AND HOUSING CORPORATION
Edmonton Per cent Change of Average RentRents declined in 2016
18.1
8.9
-0.5
0.4 1.03.7
5.56.2
2.4
-3.6
-5
0
5
10
15
20
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
per cent change of fixed-sample average rent
Source: CMHC, October Survey15
