You clearly don’t understand how demand works. If demand drops, it looks like there’s more supply.
If you look at the change in population (it increased) and total units in the province(it increased, but not as much) total units per capita has gone down (a decrease in supply)
No those supply numbers are hard numbers. There were 402 MORE two bedroom apartments this year than last year, a 38% increase over last year. Calgary’s population has gone up but only about 5%.
Thats an EXCESS SUPPLY of apartments because the number keeps rising. If people were snapping them up as fast as they were coming available that number would be steady or dropping and rents would be rising. They’re NOT rising because there is excess supply and renters can shop around and negotiate on rent prices. which is why rents are 8 to 10% LESS than last year at this time even though there were still 100,000 people moving to Calgary.
Many out of province investors have flooded into Calgary in the last couple of years, which means many more rentals on the market as they snap up any housing they can find and turn them into rentals.
So your last statement is incorrect. Population has increased but rental supply has increased even more than the demand.
I have been a landlord in Calgary for over 40 years now and we’ve been through several excess demand and excess supply cycles because of our variable economy. We are obviously in an excess supply cycle.
Do you not understand percentages? Do you think there are only 1400 total two bedroom apartments in Calgary? The percentage change in available listings for sale does not in any way show you how many new units were created. Those are just how many people are currently trying to sell and don’t reflect net construction at all.
Calgary grew it’s population by 100,179 people in 2024 but it’s total housing completions were only 21,084 total units. Given that the average housing unit doesn’t even come close to having 5 people in it (the average is usually somewhere in the high 2s) that means the total supply per capita went down.
You clearly don’t understand how demand works. If demand drops, it looks like there’s more supply.
If you look at the change in population (it increased) and total units in the province(it increased, but not as much) total units per capita has gone down (a decrease in supply)
No those supply numbers are hard numbers. There were 402 MORE two bedroom apartments this year than last year, a 38% increase over last year. Calgary’s population has gone up but only about 5%.
Thats an EXCESS SUPPLY of apartments because the number keeps rising. If people were snapping them up as fast as they were coming available that number would be steady or dropping and rents would be rising. They’re NOT rising because there is excess supply and renters can shop around and negotiate on rent prices. which is why rents are 8 to 10% LESS than last year at this time even though there were still 100,000 people moving to Calgary.
Many out of province investors have flooded into Calgary in the last couple of years, which means many more rentals on the market as they snap up any housing they can find and turn them into rentals.
So your last statement is incorrect. Population has increased but rental supply has increased even more than the demand.
I have been a landlord in Calgary for over 40 years now and we’ve been through several excess demand and excess supply cycles because of our variable economy. We are obviously in an excess supply cycle.
Do you not understand percentages? Do you think there are only 1400 total two bedroom apartments in Calgary? The percentage change in available listings for sale does not in any way show you how many new units were created. Those are just how many people are currently trying to sell and don’t reflect net construction at all.
Calgary grew it’s population by 100,179 people in 2024 but it’s total housing completions were only 21,084 total units. Given that the average housing unit doesn’t even come close to having 5 people in it (the average is usually somewhere in the high 2s) that means the total supply per capita went down.
Those stats are from the city itself: https://www.calgary.ca/content/dam/www/cfod/finance/documents/corporate-economics/housing-review/Housing-Review-Q4-2024.pdf
I really don’t know how you’ve managed to get so far in life given how bad you are at understanding math. I suspect you’re just lying to be honest.