Calgary rent prices are dropping WAY faster than other cities in Canada
It’s a good trend for our wallets, with rent prices in Calgary seeing another steep decline last month.
According to a new national rent report from Zumper, Calgary led all cities in the country that Zumper reports on for the largest year-over-year decline in rent prices.
Zumper found that the Canadian median one-bedroom rent dropped 0.8 per cent in March to $1,835, while two-bedrooms decreased 0.9 per cent to $2,265. On an annual basis, one and two-bedroom rents were down 2.9 per cent and 3 per cent, respectively.
Calgary rent prices saw the largest annual dip in the nation, falling 9.8 per cent, while Kingston came in second place with rent declining 7.9 per cent. Toronto came in third with a rent decrease of 6.1 per cent.
The top 10 most expensive cities in Canada for renters were all in B.C. and Ontario, apart from Nova Scotia’s Halifax landing in fifth place.
Zumper
Calgary dropped one place to come in as the 15th most expensive rental market in Canada, while our pals up in Edmonton came in 21st place with a one-bedroom coming in at $1,300 a month, a slight year-over-year decrease of 1.5 per cent.
“This reportās Canadian national rent index declined both month-over-month and year-over-year for the sixth consecutive month, signalling a broader cooling across the rental market,” Zumper stated.
“This sustained slowdown can be attributed to a combination of factors, including increased supply in some markets, shifting migration patterns, and affordability constraints that have pushed renters to seek more cost-effective options or delay moves altogether. Additionally, economic uncertainty may be tempering demand, as some potential renters may opt to stay in their current units longer rather than potentially face costs related to finding new housing.”