Rent prices for properties in Calgary remain among the lowest across the country when compared to other major Canadian cities.
The most recent National Rent Report from Rentals.ca and Bullpen Research and Consulting reveals that, out of 24 cities across the country, Calgary ranks as the 19th most expensive market.
The average rent for Calgary properties in December 2021 was $1,411, while Edmonton placed 21st on the list with an average rent of $1,181.
Vancouver and Toronto are at the top of the list. An average rent of $2,519 makes Vancouver the most expensive city to rent in Canada. Toronto saw an average price of $2,266.
The least expensive of Canada’s major cities to rent in is Regina, with an average rental price of $1,014.
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The average rent for all Canadian properties in December was $1,789 per month, up 3.8% annually, according to Rentals.ca.
This is the fourth month in a row that average asking rents were positive year-over-year, following 16 consecutive months of annual decline. However, for the first time since April 2021, the average rent decreased month-over-month, down 1.5% from $1,818 in November 2021.
The report notes that rental rates tend to fall in December as prospective tenants concentrate on the holidays and are not looking for apartments. “It is not likely that the Omicron variant of the COVID-19 virus was a major factor,” reads the report, “as average rents declined 1.8% monthly in December 2020 and 3.3% monthly in December 2019.”
In Alberta, average rent prices dropped from $1,244 per month in the fourth quarter of 2020 to $1,233 in quarter four of 2021 — an annual decline of less than 1%
Across the country, one-bedroom condo prices increased 9.6% to an average rent of $2,044 per month in the fourth quarter of 2021, while two-bedroom condo rental prices rose to $2,469, an increase of 7.8%.
“Although the real estate market has recovered in the last several months, uncertainty will persist as governments issue further lockdown measures because of the Omicron variant,” reads the report.
Rentals.ca says that the rental market in Canada is returning to levels seen at the start of 2020 but remains $165 below the average peak rent of $1,954 in September 2019.