Rent prices are dropping in both Calgary and Edmonton
Average rent prices have dropped in both Calgary and Edmonton this year, which is welcome news for anyone living in Alberta’s two major cities.
Even better, this seems to be part of a larger national trend. According to the latest National Rent Report from Rentals.ca and Urbanation, rents have dipped 3.3 per cent across Canada when compared to the previous year.
“The easing in rents this year across most parts of the country is a positive for housing affordability in Canada following a period of extremely strong rent inflation lasting from 2022 to 2024,” said Shaun Hildebrand, president of Urbanation.
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“Rents have recently been impacted by the combination of a surge in supply from new apartment completions, as well as a slowdown in population growth and a heightened level of economic uncertainty.”
Urbanization Inc., Rentals.ca Network Data
Here’s a glance at what rent looks like in Calgary and Edmonton.
Renting in Calgary
Among Canada’s largest cities, Calgary experienced the biggest drop in annual rent prices.
Rent for one-bedroom apartments fell by 8.2 percent compared to last year, bringing the average monthly rent to $1,591.
Two-bedroom units dropped by 9.2 percent, bringing the average asking price to $1,944 per month.
Renting in Edmonton
Prices in Edmonton didn’t drop as much as Alberta’s other major city, but it’s still looking better compared to last year.
Asking rent for a one-bedroom dropped 2.3 per cent, so you can expect the average rent to cost you $1,336 per month.
If you’re looking for a two-bedroom, prices fell by 0.7 per cent, bringing the average monthly rent to $1,679.
Unfortunately, the picture isn’t all rosy.
While it’s nice to see prices coming down from their 2024 high, it’s worth noting that they are still higher compared to a few years ago.
Average asking rents across Canada remain 5.7 per cent higher than two years ago and 12.6 per cent above levels from three years ago. That’s all part of the bigger Canadian picture, which saw rents increase by an average of 4.1 per cent annually, outpacing average wage growth of roughly 3 per cent over the past five years.
Have you felt the difference in rent costs in Calgary and Edmonton? Let us know your thoughts in the comments below.