Edmonton's rents are increasing while other cities' prices are falling
While Edmonton residents certainly have the upper hand when it comes to our housing costs, rent prices are slowly creeping upwards.
Rentals.ca released its November 2023 Rent Report, which compares the cost of rent in cities across Canada. Compared to other major cities, Edmonton remains one of the country’s cheapest spots for renters.
At number 30 on the list of 35 cities, Edmonton is more affordable than Calgary, Quebec City, and everywhere listed in British Columbia and Ontario. While the relatively low cost of renting is welcome news to many, rent prices continue to increase in Alberta while many other Canadian cities are seeing month-over-month decreases.
Rentals.ca
According to the report, a one-bedroom place now costs Edmontonians $1,284 monthly to rent, a 0.4% increase over last month. For a two-bedroom, that’ll bump you up to $1,596, a 1% increase compared to this time last month.
Rent prices for a one-bedroom in Edmonton are up 8.8% compared to this time last year, while two-bedrooms have seen a staggering 9.1% increase.
While prices are still astronomical, Canada’s most expensive city for renters, Vancouver, saw a 3.5% decrease in its average monthly rental costs. Month-over-month decreases were also seen in Toronto, Burnaby, Victoria, Abbotsford, Niagara Falls, and several other Ontario and British Columbia cities.
Rentals.ca
The year-over-year increase in Alberta for a one-bedroom has increased by 18% compared to BC’s 9%.
A two-bedroom has ballooned by 16% in Alberta compared to BC’s 10%, and a three-bedroom has gone up by 19% in the province against BC’s 18% increase.
Canadians across the country are feeling the pinch of rising living costs. The average rent for all Canadian properties listed on rentals.ca in April was $2,112 per month, up 12% from last year.