A small win: Calgary slips out of top 10 priciest Canadian cities to rent in
Calgary has been a hot spot for movers in 2024; however, the city has recently fallen out of the top 10 of the most expensive Canadian cities to rent.
A new report from Zumper found that the cost of renting a one-bedroom property in the city has increased by just 1.7% since July 2023, higher than the national average of 0.1% for a one-bedroom unit.
Prices for a one-bedroom in the city, however, remained the same as the month before, allowing YYC to drop to the 11th most expensive city in Canada after sitting in ninth place. We have to take the small wins where we can find them nowadays!
The price of a two-bedroom property rose by 2.7% over last month and 11.3% year-over-year, landing at $2,260.
Zumper
For our neighbours to the north, Edmonton ranked third when it came to cities with the largest annual one-bedroom rent rate jumping a whopping 18.6%, currently sitting at $1,340. A two-bedroom property in YEG runs renters on average $1,640, a 16.3% year-over-year price jump.
At the top, Vancouver’s one-bedroom rent was down annually for the 3rd consecutive month, and the city’s two-bedroom rent rate was also in the negatives.
Zumper added in the report that apartment construction starts in Vancouver, Toronto, Calgary, and Ottawa reached record levels in 2023, and Vancouver specifically saw housing start to increase the most, jumping 28% from 2022.
“It seems a significant portion of that inventory is becoming available now, as we are over halfway through 2024, and that is putting downward pressure on Vancouver rents,” it stated.
Meanwhile, Winnipeg remained the city with the fastest-growing rent, with the price of one-bedrooms jumping over 23% since this time last year.