Wallet woes: Calgary's rent has surged 18.7% since last year
It seems like it’s become something people should expect by now; as the months go by, rent prices in Calgary are almost guaranteed to increase.
In a recent report by rental platform Zumper, data shows that the price of one-bedroom units in Calgary is up 18.7% since this time last year.
The rate rise means that, among the cities surveyed, Calgary is the 10th most expensive market nationally.
Prices of one- and two-bedroom units in that city are settling at medians of $1,840 and $2,120, respectively.
In comparison, the report says, rates are continuing to decelerate across Canada, with one and two-bedroom rents up 9.4% and 8.8%, respectively, which is down from about 11% last month.
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Zumper’s report and data are in line with an Alberta-wide trend predicted by another rental platform.
In a report of their own, rentals.ca and Urbanation said Calgary is expected to follow a provincial direction in 2024 that will see costs continue to increase as they did in previous years.
“Relatively affordable markets, such as those in Alberta, should continue to experience above-average rent increases,” reads the Urbanation report.
Experts have attributed the increase in rent prices — and rising costs of homes in general — to inter-provincial migration from other Canadian provinces like BC and Ontario.
Calgary and Alberta as a whole have seen record-high movement over recent months due to relatively more affordable housing costs when compared to other cities like Vancouver and Toronto.
The constant rise in rent has also caused a divide in the provincial legislature.
Alberta NDP MLA Janis Irwin. (Alberta NDP)
Alberta NDP MLA Janis Irwin, the Opposition’s Housing Critic, introduced a bill toward the end of last year that intends to introduce a temporary, emergency rental cap at 2% for two years and then be tied to inflation for two more years.
She reiterated her commitment to the bill and rent control in a press conference on Wednesday, where she said her office regularly receives emails from Albertans facing rental increases of 20%, 30% and sometimes 50%.
“This is forcing families to stretch their household budgets to the breaking point,” Irwin said.
“Or [to] make incredibly hard choices between necessities.”
Alberta’s government has, however, refuted the idea. They previously said that rent control does not work and will not implement a cap.