Calgary’s multi-family vacancy rate is in the area of an all-time low, according to a new NAI Advent report.

Citing Yardi figures, the firm said the sector’s vacancy rate is now around 2%. But NAI Advent noted that Calgary’s biggest landlords, Boardwalk and Canadian Apartment Properties REIT, have reported vacancy rates closer to just 0.5%.

Supply pressures will continue as the city and province continue to experience strong population growth, said NAI Advent. Alberta has experienced the largest population increase in the country this year, 184,400, the company noted while citing Statistics Canada data. That total is the largest inter-provincial increase for any province since the agency started the that type of data in the early 1950s, the company added.

“With Alberta’s population experiencing record trowth, housing demands have far exceeded market supply,” said NAI Advent.