Cost of rent in Calgary has skyrocketed since this time last year
The rental market in Calgary is one of the lowest in Canada, but prices have spiked since this time last year.
Rentals.ca has just released its National Rent Rankings for August 2022, and itâs no surprise Vancouver nabbed the top spot with rent for a one-bedroom climbing to a staggering $2,500 while a two-bedroom costs a whopping $3,630.
Compare that to Calgary, where a one-bedroom costs $1,583, $917 less than the cost of rent in Vancouver. If you are looking for a two-bedroom in Albertaâs capital city, that will cost you $1,934, which is $1,696 cheaper than what youâd get in Vancouver.
The top 10 most expensive cities in Canada to rent in are all in Ontario and British Columbia, according to the report, with Vancouver, North Vancouver, Richmond, Toronto and Victoria rounding up the top five.
Things may be cheaper in YYC than in most of the country; however, the report found that year over year the cost to rent a one-bedroom pad in the city has ballooned by 27.1%, with a two-bedroom also rising by 19.7%.
Rentals.ca
Calgaryâs sister city, Edmonton, can be found lower down on the list at #32. A one-bedroom in Alberta’s capital city goes for just $1,054 while a two-bedroom lands at $1,333.
“On a provincial level, British Columbia had the highest rental rates in July 2022, with landlords seeking $2,590 per month on average (all property types); a small increase of 0.6% monthly and 19% annually,” the report stated.
“The average rent for all property types based on Rentals.ca listings is now up by double-digits annually after rising 2.6% month over month in July 2022. However, average rents are still slightly below the previous market peak in late 2019 before the pandemic.”
So, there you have it.
If you are looking to pad your bank account and maybe save up for a house while still renting, sounds like Calgary is one of the best spots in the country to do so, despite the increase in the cost of rent over the past year.
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