Only one other province is seeing rent rise as fast as Alberta right now

While the average rental cost is decreasing in many parts of Canada, rent is rising faster in Alberta than anywhere else in the country.

Rentals.ca just released its April 2024 Rent Report, which compares the cost of rent in 35 cities across Canada.

So, how do Alberta’s major cities stack up?

At number 23 on the list of 35 cities, Calgary remains relatively affordable compared to most of the country, though rent prices have risen quickly.

The average cost of a one-bedroom apartment is $1,707 per month, a slight -0.3% decrease over last month but an 8.5% increase compared to this time last year.

Edmonton is further down the list at 31, with only Quebec City, Lethbridge, Regina, and Saskatoon, respectively, having lower rental costs.

The average price of a one-bedroom apartment in Alberta’s capital city is $1,339 per month, a 2.1% increase over last month and a staggering 18.5% increase over this time last year.

Overall, Alberta maintained its title as the province with the fastest appreciating rental costs, posting an annual growth of 18.3% for purpose-built and condo rents.

Month over month, apartment rents province-wide rose by 1.2%.

Rentals.ca

Rentals.ca

The only other province to see rental prices climb as fast as neighbouring Saskatchewan, where the average asking rent for apartments rose by 18.2% annually. However, despite the growth, rents in Saskatchewan are the lowest in Canada at an average of $1,297.

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North Vancouver takes the title as Canada’s most expensive city for renters, with the average one-bedroom costing $2,704 monthly. However, that city’s average monthly rental cost decreased by -0.4%.

Month-over-month decreases were also seen in Toronto, Victoria, Mississauga, Halifax, Quebec City, and several other Ontario and British Columbia cities.

Rentals.ca

Canadians across the country are feeling the pinch of rising housing costs. In April, the average rent for all Canadian properties listed on rentals.ca was $2,181 monthly, up 8.8% from last year.