Ouch: Rent prices in Alberta are now increasing faster than in BC

It’s not such great news for our bank accounts, with rent prices in Alberta now increasing at a higher rate than in BC.

According to the April rent report from Rentals.ca, Alberta saw an annual rent increase of 13.4%, a tick higher than British Columbia’s 13.2%.

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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 against BC’s 6.4% increase.

Rentals.ca

Fortunately, the rents were much lower in Alberta at $1,461 on average, compared to BC’s whopping $2,541 average.

Much of the rent spike can be attributed to Calgary. For the second consecutive month, asking rents increased fastest in YYC among Canada’s largest markets for purpose-built and condominium apartments, up 24.9% annually to $1,890.

When it came to the two biggest cities in Alberta, the average rent prices for a one-bedroom in Calgary was $1,573 and $1,129 for Edmonton, according to the report.

Across the country, asking rents for all available property listings increased by 1% monthly and 10.8% annually to reach an average of $2,004 in March.

Rents increased month-over-month for the first time since November, pushing the annual percentage rate of rent increase back into the double digits.