Edmonton cracks the top five Canadian cities with largest annual rent spikes

While rent growth is finally slowing nationwide, Edmonton remains an outlier among Canada’s largest cities, being one of just a handful of spots to report an annual rent price growth this month.

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

According to the data, Edmonton was among the top five major cities in Canada to see the biggest rent yearly rent growth, with rents rising 10.2% to an average of $1,408.

A two-bedroom now costs $1,717 monthly, a 0.8% decrease from last month and an 8.7% increase from October 2023.

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Edmonton was only bested by a handful of other cities, including Saskatoon, which saw the largest yearly rent growth for a one-bedroom, rising a whopping 22.8% to $1,313.

Quebec City saw the second highest yearly rent growth for a one-bedroom, rising 22.2% to $1,486, followed by Winnipeg at 16.3% to land at $1,421, and Regina at 15.3% to come to $1,329.

Unsurprisingly, cities in BC and Ontario made up the top 20 most expensive spots to rent in; however, all but two cities saw a decrease in rent prices year-over-year.

Rentals.ca

Our neighbours to the south in Calgary saw a decrease in monthly rent prices, paying an average of $1,692 per month for a one-bedroom apartment. YYC saw a 0.9% drop in rent compared to last month and a 2.2% decrease annually.

The report added that average asking rents for all residential property types in Canada increased by 2.1% year-over-year in September, reaching an average of $2,193 per month, marking the smallest annual rent growth since October 2021.