Calgary rent prices are $128 lower than this time last year
It’s a good trend for some folks’ bank accounts in Calgary, with YYC leading all major Canadian cities when it comes to the biggest year-over-year drop in rent prices for one-bedroom rentals.
Rentals.ca released its latest report, and things are looking up for renters. Calgary saw rent decreases in one-bedroom and two-bedroom apartments in February, month-over-month and year-over-year.
The report showed that Vancouver continues to lead the country as the most expensive city to rent in, though one-bedroom rent stayed pretty stable last month at a median of $2,518.
Burnaby also overtook Toronto as the second priciest market, with one-bedroom rent climbing a little over two per cent to $2,367.
Calgary came in at 27th place for rent prices and experienced the biggest rent price decline across major Canadian cities, falling 7.5 per cent since this time last year for a one-bedroom unit.
A one-bedroom rental in YYC is going for $1,583, a $128 drop from prices seen last February.
Rentals.ca
Our pals up in Edmonton have seen a small rise in year-over-year one-bedroom rent prices, rising by 1.4 per cent to sit at $1,330. A two-bedroom unit in YEG is currently going for $1,651.
The fastest-rising market in Canada for apartment rents in February was Quebec City, with annual growth of 12.3 per cent. This was followed by a 12.1 per cent annual increase in Oakville.
The data used in this analysis is based on monthly listings from the Rentals.ca Network of Internet Listings Services (ILS). This data differs from the numbers collected and published by the Canada Mortgage Housing Corporation (CMHC).
Properties listed for over $5,000 per month and less than $500 per month are removed from the sample. Similarly, short-term rentals, single-room rentals, and furnished suites are removed from the sample when identifiable.