Edmonton tops Canada's rent growth despite being more affordable

If you’re a renter, it’s no secret the cost of living has climbed in recent years, and while Edmonton remains more affordable than most Canadian cities, a new report shows it’s also seen the steepest rent hikes in the country.

According to Rentals.ca’s August report, Edmonton ranks as the 51st most expensive city for renters, with a one-bedroom unit averaging $1,391, a 1.6 per cent increase compared to the previous month, but a 1.5 per cent drop in price compared to this time last year.

A two-bedroom apartment in Edmonton now costs $1,759 per month, up 0.8 per cent from last month and 0.6 per cent from a year ago.

But zooming out reveals a different story: rents in Alberta’s capital have jumped 25.5 per cent over the past three years, the fastest growth in Canada, while Montreal followed at 15.1 per cent.

Compare that with the rest of Canada, where asking rents fell year-over-year for the eleventh straight month in August, dropping 2.3 per cent to an average of $2,137. This is the longest stretch of declining rents since the COVID-19 pandemic, according to Rentals.ca, when rents fell annually for 15 straight months.

You might also like:
• The minimum wage in Alberta will soon be the lowest in Canada
• A 90-year-old bridge in central Edmonton is being replaced
• This $3.5M Edmonton home will have you acting like a small emperor

“Rents have decreased in Canada on an annual basis for almost a year now. However, rent reductions have been mild for the most part, with the steepest declines found in Vancouver, Toronto, and Calgary, where rents are high and new apartment supply has been growing quickly,” said Shaun Hildebrand, president of Urbanation.

“Conditions should continue to favour renters in the coming months as the market enters its slower season.”

The year-over-year decline in August was smaller than July’s 3.7 per cent drop and marked the smallest annual decrease since November 2024. Even so, rents across Canada remain higher than two years ago, up one per cent from August 2023.

Canada’s most expensive city for renters in August was North Vancouver, where a one-bedroom apartment averaged $2,621 per month. Vancouver followed at $2,515, with Toronto ($2,314), Oakville ($2,286), and Burnaby ($2,285) rounding out the top five.

Just south of Edmonton, Calgary renters can expect to pay $1,692 for a one-bedroom and $2,801 for a two-bedroom apartment on average.

You can find the full report on the Rentals.ca website.