edmonton rental market overvie...canada mortgage and housing corporation edmonton cma population by...

CANADA MORTGAGE AND HOUSING CORPORATION

Edmonton Rental Market OverviewBrent Weimer, Principal, Market Analysis

May 9, 2017

Economic and Demographic Highlights

2


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 3


-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 and intraprovincial key sources in 2016

Source: Statistics Canada

number of people

4


Edmonton CMA Population by Age8.5% of the population are now in the 30 – 34 age range

Source: Statistics Canada5

proportion of the population

0

20,000

40,000

60,000

80,000

100,000

120,0002016 2011 2006


Edmonton’s Rental Market


0

500

1,000

1,500

2,000

2,500

3,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Apartment Other 10-year average

Edmonton CMA Rental StartsRental construction eases in 2016

Source: CMHC

units

7


0%

5%

10%

15%

20%

25%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017Q1

Rental share 10-year average

Edmonton CMA Rental StartsRental share of total starts have increased

Source: CMHC

units

8


Edmonton Rental Dwellings Renters are the majority in numerous neighbourhoods

9

Source: M.A.P.S. Alberta/City of Edmonton - Census 2016

http://mapsab.ca/downloads/SocialAtlas/MuniCensus/2016/Pc_Tenure_Rented_MunCensus2016_0117.pdf


Edmonton CMA Apartment Rental ConstructionUnabsorbed rental apartments remain elevated

Source: CMHC

units

10

0

1,000

2,000

3,000

4,000

Starts Under construction Unabsorbed


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

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Purpose-built units Condominium unitsunits

Source: CMHC, October Survey11


Rental Apartment UniverseWide variation of supply across Canada

Rental apartment units per capita (000s)

Source: Statistics Canada, CMHC October Survey

0 20 40 60 80 100 120 140

Montréal

Québec

London

Winnipeg

Victoria

Kitchener

Regina

Toronto

Edmonton

Windsor

Saskatoon

Vancouver

Calgary

12


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



Edmonton Per cent Change of Average RentRents declined in 2016

18.1

8.9

-0.5

0.4 1.0 3.75.5 6.2

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


Brent Weimer

Principal, Market Analysis, Edmonton

780-423-8729

[email protected]


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

edmonton rental market overvie...canada mortgage and housing corporation edmonton cma population by...

Documents