Canada

No those supply numbers are hard numbers. There were 402 MORE two bedroom apartments this year than last year, a 38% increase over last year. Calgary's population has gone up but only about 5%.

Thats an EXCESS SUPPLY of apartments because the number keeps rising. If people were snapping them up as fast as they were coming available that number would be steady or dropping and rents would be rising. They're NOT rising because there is excess supply and renters can shop around and negotiate on rent prices. which is why rents are 8 to 10% LESS than last year at this time even though there were still 100,000 people moving to Calgary.

Many out of province investors have flooded into Calgary in the last couple of years, which means many more rentals on the market as they snap up any housing they can find and turn them into rentals.

So your last statement is incorrect. Population has increased but rental supply has increased even more than the demand.

I have been a landlord in Calgary for over 40 years now and we've been through several excess demand and excess supply cycles because of our variable economy. We are obviously in an excess supply cycle.