Calgary is seeing a MAJOR tumble in its rent prices
Rental search platform Zumper has released its August rent report, and things are looking good for Calgary.
As a whole, Canada’s median rent for a one-bedroom unit fell 0.7 per cent last month, and two-bedroom units dropped 0.4 per cent. On an annual basis, they each saw a decrease of over four per cent.
Calgary was among the list of cities with the largest annual decline in one-bedroom rent rates, with rent dropping by 9.2 per cent compared to last year. Sitting behind Kitchener, which saw a 9.3 per cent dip, and Toronto, down 11.9 per cent.
Calgary ranked 14th on the list of Canadian cities with the highest average rent prices, with one-bedroom units seeing an average price of $1,670, and two-bedroom units at $2,000. Leading the list is Vancouver, where one-bedroom units go for $2,500 and two-bedroom units for $3,490.
Zumper.com
While prices continue to drop in Ontario and British Columbia’s priciest cities, Prairie markets like Saskatoon and Regina are seeing steady year-over-year growth. Saskatoon saw the largest annual growth in one-bedroom rent rates, with a 3.9 per cent growth rate.
Alberta’s other major market, Edmonton, sits at the very bottom of the list, remaining as Canada’s most affordable city — one-bedroom units averaged $1,310, and two-bedroom units averaged $1,660.
The August report marks 10 consecutive months of annual declines. The decline we are seeing is based on many market dynamics and factors, such as growing housing supply, moderation in population growth, and persistent affordability challenges.Â
If you want to see how Calgary neighbourhoods are shaping up, we looked into the most expensive and most in-demand neighbourhoods on the market.
You can view the full Zumper report online.