What the Alberta vote means For Buyers & renters

There’s no doubt that 2015 will go down as a memorable year for politics in Alberta. On Tuesday evening the NDP came away with the province’s winning vote naming Rachel Notleythe new Premier, an outcome that will unseat the PC Party after holding majority for close to 44 years.

The dramatic shift for Alberta has left many wondering what’s in store under new leadership, including what the Alberta vote could mean for the housing and rental market.

According to The Canada Mortgage and Housing Corp. (CMHC), at the end of 2014 Calgary had the lowest vacancy rate and the highest rental costs in Canada with average rent hovering around $1250 per month. Under Jim Prentice’s PC government, concerns over the lack of affordable housing and rent, not to mention the absence of rent control weren’t seen as the government’s issue. However, the NDP takes quite a different stance on these matters.

Deeply opposing the previous government’s dismissal of rent control and calling for action since 2014, the induction of the NDPs could be good sign of things to come for people who often feel they’re at the mercy of limited rental options, landlords and market whims.

Beyond calling for higher corporate taxes and more reliable funds for transit infrastructure, another major cornerstone of Notely’s 2015 campaign was focused on supporting municipalities to mandate affordable housing and address the short supply. The many residents who currently view the prospect of owning a home as an unattainable goal could seriously benefit from this new priority.

As of April, Calgary housing is already down 22% from 2014, seen as a direct correlation to the continued downturn in oil prices, but more positive news on the affordable home front is always a great thing.

Rachel Notley photo by: Dave Cournoyer via Wikimedia Commons