After Calgary rent prices didn’t see much annual change last month, a new report is predicting that costs will increase in 2022.
Rentals.ca and Bullpen Research & Consulting released their December 2021 Rent Report this week, which included a few predictions of what’s to come next year. Calgary, it says, is expected to perform similarly to 2021, with rent prices forecast to rise 3% to a new average of $1,470.
According to the report, the average Calgary rental rates increased by 4% in 2021.
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As of November 2021, the average rent price in Calgary sat at $1,438 — slightly higher than the $1,379 average seen in the same month of the previous year.
The average rent per square foot moved from $1.79 in November 2020 to $1.91 in November 2021, representing an annual increase of 7%.
The anticipated increase in 2022 Calgary rent prices is exceeded by Toronto’s 11%, Vancouver’s 6%, and Montreal’s 5%. Toronto rent prices could soar to a new average of $2,495.
Not too surprisingly, the Toronto-adjacent city of Mississauga is expected to have the second-highest increase in Canada next year, with rent prices forecasted to go up 7% to an average of $2,265.
“Toward the end of 2021, the average rents across Canada have nearly recovered to the same levels seen at the start of 2020, and we expect they will continue to rise above 2019-peak levels in 2022,” the report says.
With files from Laura Hanrahan