Calgary is seeing the second-largest rent price drop in Canada, only after Toronto

We’ve had a pretty nice summer so far, and this month brings even more good news for Calgary renters. According to Zumper’s July Canadian Rent Report, rent prices are dropping in Calgary.

After years of costly rent increases, it seems the Canadian market is finally getting some relief. Demand has shifted to more affordable secondary markets, while an increase in supply in big urban centres is giving renters more options to choose from.

As per the Zumper National Rent Index, Canada’s median rent for one-bedroom units remains steady at $1,835 per month, while rent for a two-bedroom has gone up slightly to $2,251. This is still good news, however, since when compared to last year, rents for one and two-bedroom units are down 3.4 per cent and 4.4 per cent, respectively.

Thinking of moving soon? Here’s how much you can expect to pay for rent in Calgary compared to other Canadian cities.

Calgary rent prices

One-bedroom rent: You’re looking at an average cost of $1,690 per month, which is down 8.2 per cent from July last year.

Two-bedroom rent: The average price here is $2,020 per month, which incidentally is also an 8.2 per cent decrease compared to last year.

Priciest cities to rent in Canada

1. Vancouver, B.C.

No surprise here, but Vancouver continues to rank as the most expensive city in Canada, with one-bedroom units going for $2,540 a month.

2. Burnaby, B.C.

Coming in a close second is Burnaby, with one-bedroom rent at $2,350 per month.

3. Toronto, Ont.

Canada’s most populous city ranks as the third most expensive, averaging around $2,250 per month.

4. Victoria, B.C.

If you live in Victoria, you can expect to pay about $2,150 for a one-bedroom unit.

5. Halifax, N.S.

Halifax still remains in the top five, with one-bedroom rent prices going up by 1.9 per cent to $2,140 a month.

Canadian cities that are getting more expensive

Despite national trends, there are some winners and some losers. These are the cities with the highest annual growth in one-bedroom rent rates:

1. Kelowna, B.C.

This Okanagan city experienced the largest annual growth rate, with rents climbing 5.2 per cent.

2. Abbotsford, B.C.

Bad news for those in the Fraser Valley, as rent in Abbotsford has gone up five per cent compared to this time last year.

3. Hamilton, Ont.

Ontario’s prime industrial hub rounds out the top three, with rent going up by 2.9 per cent since last July.

Canadian cities that are getting cheaper

Good news if you live in one of these three cities, because they saw the largest annual decline in one-bedroom rental rates.

1. Toronto, Ont.

While still a pricey place to call home, Toronto had the largest annual rent drop, with prices for one-bedroom units falling by 10 per cent.

2. Calgary, Alta.

Sunny Calgary saw the second biggest rent drop in the country of 8.2 per cent for both one-bedroom and two-bedroom units.

3. Vancouver, B.C.

Finally, Vancouver comes in at third place, with one-bedroom rental prices dropping by 5.9 per cent when compared to July last year.

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If you are curious to know more, you can view the full Zumper report online.