Make it stop: Rent prices in Edmonton surge nearly 20% since 2023

While Edmonton residents continue to enjoy lower housing costs than most of Canada, rent prices are increasing faster than most parts of the country.

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

At number 32 on the list of 35 cities, Edmonton remains more affordable than Calgary, Quebec City, and everywhere listed in British Columbia and Ontario.

But while the comparatively low cost of renting is welcome news to many, rent prices are increasing in Edmonton while many other Canadian cities are seeing month-over-month decreases.

Rentals.ca

According to the report, Edmontonians now pay $1,312 monthly to rent a one-bedroom apartment, a 0.5% increase over last month. For a two-bedroom apartment, the cost is $1,639, a 1.4% increase compared to this time last month.

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Rent prices for a one-bedroom in Edmonton are up 19.3% compared to this time last year, while two-bedrooms have seen an astounding 15.7% increase.

Prices are still astronomical in Vancouver, Canada’s most expensive city for renters. However, the average monthly rental cost in that city decreased by 1.1%.

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

Rentals.ca

The year-over-year increase in Alberta for a one-bedroom has increased by 20% compared to BC’s 1%.

A two-bedroom has ballooned by 19% in Alberta compared to BC’s -1%, and a three-bedroom has gone up by 22% in the province against BC’s 5% increase.

Canadians across the country are feeling the pinch of rising housing costs. In March, the average rent for all Canadian properties listed on rentals.ca was $2,146 monthly, up 12% from last year.