Test Your Knowledge: Calgary's Rental Market

Often the first step in moving out on your own, renting an apartment can also provide a good window to the health of the housing market. Typically, a tighter rental market brings increased rents and decreased availability, which in turn drives up the demand for homes, as people opt to purchase rather then rent. With Calgary's rental market now one of the tightest in the country, CREB® Now examines some of the facts and figures facing those looking to rent.

1>> According to the Canada Housing and Mortgage Corporation (CMHC), what was the apartment vacancy rate in Calgary in October?
a. 2.1 per cent
b. 1.3 per cent
c. 2.5 per cent
d. 3.1 per cent

2>> What was the average rent for a twobedroom apartment in Calgary in October 2012?
a. $850
b. $900
c. $1,000
d. $1,150

3>> According to the CMHC, in what quadrant of the city were the lowest two bedroom rents found?
a. Southeast
b. Northeast
c. Southwest
d. Northwest

4>> Altus Group reported that compared to 2011, fewer renters are planning to purchase their own home Canada-wide.
a. True
b. False

5>> What was the average monthly rent for a condominium in Calgary during October 2012?
a. $1,110
b. $1,288
c. $1,324
d. $1,400

6>> According to the Altus Group, which Canadian rental market(s) were considered "tight" as of December 2012?
a. Calgary and Thunder Bay
b. Regina
c. Guelph
d. All of the above

7>> Calgary's townhouse vacancy rate decreased from two per cent in 2011 to what in 2012?
a. 1.5 per cent
b. 1 per cent
c. 0.9 per cent
d. 0 per cent

8>> According to a December 2012 housing report, average rents in Calgary were at levels similar to what previous year?
a. 2006
b. 2007
c. 2008
d. 2009

9>> Apartment availability in Calgary is the highest at 4.3 and 4.2 per cent, respectively, in which quadrants of the city?
a. Inner City
b. Southeast and Northeast
c. Southwest and Southeast
d. Northwest and Northeast

10>> Calgary's tightening rental vacancy is in part the cause of what factor?
a. Employment opportunities
b. High wages
c. Low unemployment rates
d. All of the above

11>> If adding a secondary suite to your property results in a change in the market value, the property assessment will change in the following year.
a. True
b. False

Answers: 1.b 2.d 3.a 4.a 5.b 6.d 7.c 8.c 9.b 10.d 11.a

Tagged: Calgary Real Estate | Calgary Real Estate News | Calgary Rent