Rent prices continue cooling off in Edmonton as winter settles in

After a long stretch of steady rent increases, Edmonton renters are finally catching a bit of a break as prices continue to cool heading into winter.

According to the latest rent report from Rentals.ca, Edmonton ranks as the 53rd most expensive Canadian city for renters, with a one-bedroom unit averaging $1,336, a 3.6 per cent decrease compared to the previous month, and a 5.8 per cent price drop compared to this time last year.

A two-bedroom apartment in Edmonton now costs $1,700 per month, down 2.1 per cent from last month and down 2.6 per cent from a year ago.

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The trend has been seen across Canada. Nationally, rents declined year-over-year for the 13th straight month, Rentals.ca reports, noting a possible softening in declines (-2.2 per cent) in October.

“Rental demand continued to decline in October, marking the third straight month of reduced renter activity,” says the report. “With levels tracking near historic lows and winter approaching, Canada is on pace to experience the slowest winter of rental demand in recent years.”

Western provinces, including B.C. and Alberta, posted the steepest declines at -5.8 and -5.3 per cent, respectively. Meanwhile, Saskatchewan and Manitoba saw rents increase by 1.8 per cent.

Canada’s most expensive city for renters in November was North Vancouver, where a one-bedroom apartment averaged $2,562 per month. Vancouver followed at $2,463, with Oakville ($2,210), Toronto ($2,260), and North York ($2,143) rounding out the top five.

Rentals.ca

Just south of Edmonton, Calgary renters can expect to pay $1,633 for a one-bedroom and $2,004 for a two-bedroom apartment on average.

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