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Vacancy rates in Calgary’s residential rental market have ballooned in the past year while condo and apartment rents continued to edge upward, says Canada Mortgage and Housing Corp.

Its latest rental market survey Monday showed the apartment vacancy rate in the Calgary region jumped to 5.3 per cent in October, from 1.4 per cent a year ago, while the average monthly rent for a two-bedroom apartment was $1,332, up $10 from 2014.

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A similar picture emerged in the rental condo apartment category — condominium units offered for rent — as vacancy rose from 1.1 per cent a year ago to 4.9 per cent this year. The average monthly rent for a two-bedroom unit increased by $11 to $1,522.

CMHC analyst Richard Cho said the local vacancy rate is the highest it’s been since October 2009 as mounting layoffs and the weakened Alberta economy slow housing demand.

“Job losses in a number of different areas of the economy — notably the energy sector — and slowing net migration has weakened rental demand. This coupled with continued competition from the secondary rental market (investor-owned units) has pushed the vacancy rate up this year,” he said.