Calgary sees second-highest rent increase of all major Canadian cities

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Alberta continues to be a hot spot for Canadians searching for more affordable living, but the cost to rent in its biggest cities is rapidly increasing.

Calgary is home to some stunning scenery, with people from all over flocking to it for its quick access to the mountains, its growing food and art scene, and its cheaper rent.

According to a report from report.ca, the cost to rent an average one-bedroom apartment in the city is currently around $1,711 per month and $2,073 monthly for a two-bedroom spot. That number often feels out of reach for residents of the province, but it’s significantly cheaper than some of the country’s other major cities.

Vancouver still dominates the charts with the most expensive rent in Canada at $2,653 for a one-bedroom and $3,541 for a two-bedroom apartment. Toronto is a close second followed by a number of other Ontario cities like Burnaby and Brampton.

rentals.ca

While Calgary’s rent might seem appealing to out-of-city buyers, there’s a reason why it feels out of reach for many who already live there. Despite its lower cost, it is also home to the second-highest rent increases out of all the major Canadian cities.

The asking rent for apartments in Calgary is up 10.6% annually compared to February of last year. The good news is that this is a slower increase compared to last month, when it showed a 12.8% annual growth rate.

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Our neighbours to the north have a much more affordable rental market, but Edmontonians have seen an even higher rental price increase this year.

Rent prices for a one-bedroom in Edmonton are up 19.3% compared to this time last year, while two-bedrooms have seen an astounding 15.7% increase.

Edmontonians now pay $1,312 monthly to rent a one-bedroom apartment, a 0.5% increase over last month. For a two-bedroom apartment, the cost is $1,639, a 1.4% increase compared to this time last month.

So if you have had plans to move up North for more affordable rent, this might have you thinking twice.