An Alberta city has the third largest rent price drop in Canada | Daily Hive

City of Airdrie/Facebook

While rent prices in major cities continue to decline, one Alberta city is experiencing a significant drop in rental prices, with one of the highest annual price declines in Canada.

Rentals.ca, in conjunction with Urbanation, just released its May 2025 Rent Report, which compares the cost of rent in 60 cities across Canada.

According to the data, rental costs across Canada are posting annual declines, save for a handful of cities. In Calgary, the average price of a one-bedroom apartment fell 8.2 per cent over the same timeframe last year, dropping to $1,591 per month.

In Edmonton, the average rent prices for a one-bedroom dropped 2.3 per cent, landing at $1,336 per month.

“The easing in rents this year across most parts of the country is a positive for housing affordability in Canada following a period of extremely strong rent inflation lasting from 2022 to 2024,” said Shaun Hildebrand, president of Urbanation.

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“Rents have recently been impacted by the combination of a surge in supply from new apartment completions, as well as a slowdown in population growth and a heightened level of economic uncertainty.”

Urbanization Inc., Rentals.ca Network Data

One city just north of Calgary saw one of the largest rent price drops year-over-year, with Airdrie seeing a whopping 11.5 per cent decline to sit at $1,469 for a one-bedroom. When it came to the price of a two-bedroom, the decline was already steeper, dropping 15.1 per cent to land at $1,771.

The report added that the average asking rents across Canada remain 5.7 per cent higher than two years ago and 12.6 per cent above levels from three years ago. That’s all part of the bigger Canadian picture, which saw rents increase by an average of 4.1 per cent annually, outpacing average wage growth of roughly 3 per cent over the past five years.

The full Rentals.ca report can be found online.

With files from Alicia Lyons