Calgary Coun. Courtney Walcott said city council needs to respond now to skyrocketing rent prices. .“Five thousand three hundred families on Calgary Housing Company's waitlist,” tweeted Walcott on Tuesday. .“Our affordability is eroding quickly.” .He said people “need to build more homes, and we need better protections for tenants.”.Walcott was commenting on Calgary’s rental prices increasing faster than any other major market in Canada, according to an Aug. 11 report conducted by Rentals.ca. .Rentals.ca found the price of a one- and two-bedroom rental in Calgary increased by 17% year over year. .It now costs an average of $1,718 for a one-bedroom apartment and $2,121 for a two-bedroom in Calgary..Canadian social justice activist Josh Reimer mocked Walcott for complaining about high rent prices. .“So Alberta is calling and there’s no room in the Inn?” said Reimer. .Social Next Conferences host Mike Morrison called this “all just fluff.”.“Cancel the arena deal,” said Morrison. .“Help these families instead.”.Calgary’s overall vacancy rate for purpose-built rental properties fell from 5.1% to 2.7% in 2022 — its lowest level since 2014 — according to a February study conducted by the Canada Mortgage and Housing Corporation (CMHC). .READ MORE: THOMAS: Tight market pushes Calgary rents higher.“With Calgary’s economy growing beyond pre-pandemic levels, the rental market tightened to conditions not seen since Alberta’s last economic boom,” said CMHC senior analyst, economics Michael Mak. .Mak said Calgary received its share of the record migration to Alberta last year, and while the supply of rental properties increased, it was not enough to meet demand.
