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Calgary's priciest rental properties still renting, but for a lot less

CBC News | Posted: January 18, 2016 1:00 PM | Last Updated: January 18, 2016

Market hasn't dried up but prices are falling, says owner of high-end property management company

Media | $17,000-a-month mansion among luxury rentals in Calgary

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A monthly rent of $17,000 wouldn't fit most budgets, but the owner of a property management company that caters to high-end income earners says it does for some — and it's getting cheaper.
Lisa Hamielec runs Citysearch rental network in Calgary and says, although the market has changed, people are still looking for properties.

Image | High end rental properties

Caption: This modest 7,500 square foot palace is the most expensive on the list. It was built in 2013 and has four bedrooms and five bathrooms. It is listed for rent at $17,000. (Andrew Brown/CBC)

"The high-end rental market is still relatively active in terms of tenancies we are putting together for large homes and high-end condominiums," Hamielec said.

Image | High end rental properties

Caption: This spectacular 6,400 square foot castle-like home is a block from the river in Elbow Park. It was built in 2014 and has six bedrooms and seven bathrooms. It is listed for rent at $8,500 per month. (Andrew Brown/CBC)

  • See our photo gallery of high-end rental properties here
"However rents have dropped over the past six to 12 months in the order of about 30 to 35 per cent."
She says some would-be buyers are renting right now to see where the market is headed, but taking longer to find their perfect home.

Image | Lisa Hamielec

Caption: Lisa Hamielec, a broker and owner of a high end property management company, says some owners have had to drop rental prices by up to 35 per cent over the last year. (CBC)

"The person that is looking to secure a rental property has more options. Rather than looking at three or four options, they might be looking at five or eight options, and rather than making a quick decision that day, they might make a decision over three or four days," Hamielec said.

Image | High end rental properties

Caption: This slick 5,800 square foot mansion is available for rent. It was built in 2015 and has five bedrooms and six bathrooms. The rent is $9,450. (Andrew Brown/CBC)

David Bee leases properties with Citysearch and works with a lot of corporate relocations. He says numbers are down.
"Anybody who's going to rent a place for eight, nine, $10,000 a month either runs a company or owns a pretty significant company, and there's less of those coming to town," Bee said.

Image | High end rental properties

Caption: This shiny 6,500 square foot home was built in 2015 and has six bedrooms and six-and-a-half bathrooms. It was listed for rent on Jan. 13 at $12,500 per month. (Andrew Brown/CBC)

When it comes to setting the rental price, according to Hamielec, the property owner is always in the driver's seat, but she has some advice.
"The message that we often send to our owners is that in today's market, an effective strategy is to mitigate and offset your expenses and ride out the market until we see happier days in Alberta."

Image | David Bee

Caption: David Bee leases high-end properties. He says the number of corporate relocations are down. (CBC)

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