Calgary's rental market is ballooning faster than any other major Canadian city
Calgary’s rental market is ballooning faster than any other major Canadian market, per a new report from Rentals.ca.Ā
Average renting costs in Calgary have increased annually by 16.1%, placing the city just above Monreal’s 15.3% increase.Ā
The rest of Canada’s markets experienced a slower rent growth rate in July compared to June.
rentals.ca
Despite these increasing costs, many have been moving to Calgary from other provinces because it is still one of the more affordable places to rent in the country.
According to the report, a one-bedroom apartment costs Calgarians $1,798 to rent, while a two-bedroom will push you over the $2,000 mark to $2,036 a month. That’s an increase of 1.9% and 1.7% since June, respectively.
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The average rent in Canada is now $2,078, making it an 8.9% annual increase.Ā
Compared to July 2021, rent has increased nationally by 21%, which is equivalent to $354 per month on average.
Rent prices in Alberta are now increasing at a higher rate than in BC.
Rentals.ca
A two-bedroom has ballooned by 15% in Alberta compared to BCās 9%, and a three-bedroom has increased by 14% in the province against BCās 6% increase.
Canadians across the country are feeling the pinch of rising living costs. The average rent for all Canadian properties listed on Rentals.ca in April was $2,008 monthly, up 11.3% annually.