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Calgary’s rental market stages a comeback

Calgary’s rental market appears to be experiencing a comeback after a years-long slump, with new data showing the vacancy rate has fallen for a second straight year, while average rents have risen for the first time since the recession.

The Canadian Mortgage and Housing Corp. reported 1,400 new rentals were built in Calgary over the past year, bringing the total stock to almost 40,000 units.

But a surge in demand for apartments was far stronger than the growth in supply. The CMHC said Calgary’s vacancy rate dropped to 3.9 per cent in October, down from 6.3 per cent a year earlier.

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