An Alberta city is seeing the second highest rent price hike in Canada
While rent prices in major cities continue to see a decline, one Alberta city is seeing its rental costs skyrocket, with the second highest annual price hike in Canada.
Rentals.ca, in conjunction with Urbanation, just released its March 2025 Rent Report, which compares the cost of rent in 35 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 7.5 per cent over the same timeframe last year, dropping to $1,583 per month.
In Edmonton, rent increased by 1.4 per cent, with a one-bedroom apartment rising to an average of $1,330 monthly. That’s slightly cheaper than what rent now costs in Lethbridge, however.
The average price of a single bedroom in Alberta’s fourth largest city is now $1,379, a 10.1 per cent increase over last year ā the second highest annual increase in Canada. A two-bedroom apartment in Lethbridge now runs for $1,583, a 8.1 per cent increase over last year.
Only one other city in Canada posted a double-digit annual increase in rent that was higher than what Lethbridge saw. Quebec City saw a 12.1 per cent yearly increase, bringing the average cost to $1,462.
According to Alberta Government estimates, Lethbridge’s population of 111,400 has increased by 4.16 per cent year-over-year and 10.6 per cent in the last five years.
Canada’s 10 most expensive places to rent were all located in BC and Ontario; however, nearly every city saw an annual decline in rent prices. Only Oakville and Guelph, Ontario, saw a bump in prices.
Rentals.ca
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Rentals.ca
Average asking rents in Canada declined compared to a year ago for the fifth consecutive month in February, falling 4.8 per cent to $2,088 ā the lowest level since July 2023.
The year-over-year decrease in February was the steepest since April 2021 during the Covid-19 pandemic, representing a dramatic trend reversal from a year earlier in February 2024 when asking rents increased 10.5 per cent annually.
Despite the recent decline, average asking rents remained 5.2 per cent higher than two years earlier in February 2023 and 16.9 per cent higher than the pre-COVID level five years ago in February 2020.