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CMHC recently released its 2007 Spring Rental Market Report based on a survey completed during the first two weeks of April. In the 35 Census Metropolitan Areas (CMAs) that CMHC tracks, the average vacancy rate was 2.8% while the average rental rate was $784.
Western Canada continues to outperform the rest of the country with Alberta showing an average vacancy rate of 0.9%. The tightest market in the survey was Calgary, with a vacancy rate of just 0.5%. Calgary's average rent was $1,037.
The highest average rent within Canada of $1,681, belonged to the municipality of Wood Buffalo, Alberta, where Fort McMurray is located.
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