Calgary rent prices took the biggest jump in Canada for the second month in a row
It is usually great to be number one, but not in this case, as Calgary rent prices saw the biggest increase for a large market in Canada.
According to the April report from Rentals.ca, asking rents increased fastest in Calgary among Canada’s largest markets for purpose-built and condominium apartments, up 24.9% from this time last year to $1,890.
It is the second month in a row where we’ve had the fastest year-over-year increases in the country
The price has also gone up, slightly, month over month.
The average one and two-bedroom rental prices increased by 0.6% and 0.9%, respectively.
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Overall, Alberta is seeing rent increases greater than what people in BC and Ontario are dealing with.
The year-over-year increase in Alberta for a one-bedroom has increased by 13%, compared to BC’s 11%; a two-bedroom has ballooned by 14.8% in Alberta, compared to BC’s 13%; and a three-bedroom has gone up by 7.3% in the province, whereas BC saw a 6.4% increase.
Most of that is because of the price growth we’ve seen in Calgary.
Now for the good news: it could be worse. Like, a lot worse. Calgary barely cracks the top 20 for most expensive cities in Canada.
At $1,890, we come in at 19th overall, just behind Kingston and London, Ontario.
As you would expect, Vancouver took the top spot with an average rent of $3,146, which is up 18.7% from this time last year.
Burnaby is in second, with Toronto coming in third. Ontario as a province holds down spots three through seven on the list.