Calgary saw the steepest rent increases in Canada this year
A new National Rent Report has found the cost to rent in Canada has increased by over $100 in three months, with rent increases in Calgary reaching new heights.
Calgary is at the top of the list for rent growth among Canada’s largest cities, with a 17.3% year-over-year increase in August. The average cost to rent a condo is now $2,068 a month.
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“Unlike in the U.S., rent inflation in Canada has failed to cool down despite rental completions having reached their highest level in decades,” said Shaun Hildebrand, president of Urbanation.
“This is illustrative of the severe rental housing shortage across the country and the magnitude of the impact on rental demand as the population expands by a record pace.”
Urbanation | Rentals.ca
The average cost to rent for shared accommodations also shot up across the country. Albertans who split their rent with a roommate saw a 20.5% rent increase in August, paying $851 on average across the province.
It costs to live in Calgary: people renting with a roommate in the city pay a little more than those in Edmonton, spending $899 on average compared to $716.
Urbanation | Rentals.ca
There is some good news for people in Canada’s most expensive largest cities, though, the average annual rent increases in Vancouver and Toronto are below average. The average monthly cost to rent in Toronto is up 8.7% at $2,898. Vancouver’s average monthly rent cost dipped by 0.7% to $3,316.