Edmonton is one of the cheapest spots to rent but Alberta is getting pricey

While we may have a slight upper hand when it comes to the cost of living in Edmonton, things are starting to change for us when it comes to the rent prices in YEG.

Rentals.ca released its July 2023 Rent Report, which compares the cost of rent in cities across Canada, and compared to other major cities, Edmonton is fairly affordable, but it’s not all rosy.

At number 31 on the list of 35 cities, Edmonton is the most affordable Canadian city of comparable size, ranking below Calgary, Winnipeg, and everywhere listed in British Columbia and Ontario.

Rentals.ca

According to the report, a one-bedroom place now costs Edmontonians $1,197 per month to rent, which is a 0.1% increase over last month. For a two-bedroom, that’ll bump you up to $1,531, a 1.8% increase compared to this time last month.

While we welcome the news of being more affordable than other parts of the country, rent prices for a one-bedroom are up an alarming 12.8% compared to this time last year, and two-bedrooms have seen an 11.5% increase.

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Rent prices in Alberta are now increasing at a higher rate than any other province the report studied, including BC.

Rentals.ca

A two-bedroom has ballooned by 15% in Alberta compared to BC’s 9%, and a three-bedroom has gone up by 14% in the province against BC’s 6% 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 $2,008 per month, up 11.3% annually.