Calgary's rental market will get more expensive this year: report

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If you’re hoping for rent relief in Calgary this year, you might be out of luck.

According to a recent report from rentals.ca and Urbanation, the city is expected to follow a provincial trend in 2024 that will see costs continue to increase as they did in previous years.

“Rental demand is expected to remain strong, experiencing some moderation compared to 2023 due to a slowing economy, a reduced number of non-permanent residents, and an improvement in homebuying activity as interest rates begin to decline,” the report reads.

“Relatively affordable markets, such as those in Alberta, should continue to experience above-average rent increases.”

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Among Canada’s largest cities, Calgary posted the fastest annual rent growth for apartments in December, according to the report, with rents rising 14% from a year ago to an average of $2,071.

Calgary also saw a 22.6% surge in rents in 2022.

Alberta had the fastest-growing rents for purpose-built and condominium apartments in 2023 among all Canadian provinces, according to the report. It recorded a 15.6% annual increase in December to reach an average of $1,691.

This followed a 16.8% increase in province-wide rents in 2022.

Nationally, the report says, more expensive markets like BC and Ontario should see below-national average increases for rent.

Alberta, however, is expected to remain more affordable despite a higher forecasted rise.

“The rental market in Canada will remain undersupplied but should become somewhat more balanced this year,” reads the report.

“Rent growth [is] expected to converge towards its five-year average of approximately 5%.”

The data used in rentals.ca’s analysis is based on monthly listings from the platform’s Network of Internet Listings Services. This data differs from the numbers collected and published by the Canada Mortgage Housing Corporation.

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