"Market rent" for a 1 Bedroom and Den apartment (800 sq. ft.) at Boardwalk REIT Skygate Tower in Calgary, Alberta  increased by 48% ($470/month) over approximately the last 2.25 years. My rent for the 1 Bedroom & Den was effectively $979 per month from December 1, 2016 to November 30, 2017.  As of Easter Sunday April 12, 2020 a 1 Bedroom and Den at Boardwalk REIT Skygate Tower rents for $1,449 per month.

In his speech on Tuesday April 7, 2020 that was entitled "Protecting lives and livelihoods", Alberta Premier Jason Kenney addressed the dire economic challenges that Albertans have faced and continue to face:  “Today we are facing not one crisis, but three….All of this follows five years of economic fragility for our province…” 

I consider Boardwalk REIT’s  48% ($470/month) increase in “market rent” to be exorbitant/rent gouging in view of Calgary’s and Alberta’s continuing challenging economy and including the following:

1.  Consumer Price Index/Inflation for Calgary:  1.63% January 2020, 12-month-moving-average. (See NOTE A.)

2.  Change in average apartment rent   = 1.7% and average rent in Calgary for a 1 Bedroom Apartment was $1,080 per month - Oct. 2019.  (See NOTE B.)

3.  A $30 per month rent increase at Boardwalk REIT Skygate Tower (with 142 suites) provided a projected yield of 25.9% on the “renovations” in 2019 that cost $197,400.  These “renovations” in 2019 seemed to be primarily marketing/re-branding and maintenance that was already included with the rent. Apparently, NO “renovations” are to occur at Boardwalk REIT Skygate Tower during 2020. (See NOTE C.)   

4.  Gerry Baxter, Executive Director of the Calgary Residential Rental Association (CRRA) reported decreasing rents over the past 5 years in Calgary.  (See NOTE D.)

PROTECTION OF RENTERS is URGENTLY NEEDED – including of the unemployed, seniors and other vulnerable people at a time that rent gouging is occurring.

THANK YOU, fellow Canadians, for signing the petition!!  It really does help.  Let’s PROTECT RENTERS:  let’s make it a WIN-WIN-WIN solution for Renters and Community as well as Landlords.  Please pass the petition on to others!

Stay safe, stay healthy!                                                         

Anne

We the Courageous

NOTE A:  The City of Calgary Corporate Economics Inflation Review Reports – see  January 2020.

NOTE B:  CMHC Primary Rental Market Statistics  - Calgary  - at Oct. 2019.

NOTE C:  See Boardwalk REIT July 8 and 9 Investor Tour Presentation - Boardwalk REIT Skygate Tower (pages 21 – 22) with “average rent” for 1 Bedroom and Den as of July 1, 2019 = $1,210.   See maintenance in Boardwalk REIT 2019 Annual Report, including pages 41 to 50.

NOTE D:  Calls for Calgary rent control – CTV – January 17, 2020 -   “...In fact, [Gerry Baxter Executive Director of the Calgary Residential Rental Association] says rent has been dropping in Calgary for the past five years due to the recession...” The news coverage reveals the lack of affordable housing in Calgary - including for seniors - the stress this causes, and the need for a range of market and non-market affordable housing options (see CMHC “affordable housing” definition).