This Alberta city has seen a 25% spike in rent prices and it might surprise you

Rent prices are on the rise in Alberta, and one city in the province is leading the pack rising nearly 25% since last May.

Hint: It’s not Edmonton or Calgary!

According to the latest report from rentals.ca, the average rent price went up a whopping 24.7% year-over-year in none other than Red Deer.

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The price of a one-bedroom is going for $1,256, more than Edmonton’s $1,176, Lethbridge’s $1,162 and Grande Prairie’s $1,023.

If you are on the hunt for a two-bedroom pad in Red Deer, that has also gone up a staggering 25.8% year-over-year, sitting at $1,463 per month.

 

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It could be much, much worse though.

Provincially, rent went up 13.4% in Alberta which was the biggest gain of any province in the country. But, at $1,521 our price is still 22% below the national average.

Rent in Ontario is 58% higher than in Alberta and BC’s is 62% higher.

The national rent price went up 6.6% which marked the slowest year-over-year increase since December 2021.

With files from Peter Klein