Rent is decreasing in some parts of Canada, but not in Edmonton

While annual rent growth appears to be slowing in Canada’s most expensive cities, Edmonton is continuing to see double-digit yearly price increases.

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

According to the data, Edmonton saw little to no change in monthly rent prices compared to the previous month. However, costs are still quite a bit higher than they were this time last year.

The average asking price for a one-bedroom in YEG, the 31st most expensive city for renters, is now $1,368, which is the same as in June but a 14.4% increase compared to last year. A two-bedroom now costs $1,708 per month, a 1.1% increase over last month and a 13.5% increase compared to July 2023.

Our neighbours to the south in Calgary pay an average of $1,743 per month for a one-bedroom apartment. YYC saw a 0.5% increase in rent compared to last month and a modest 3.3% increase annually.

Cities in Ontario and BC still make up the entire top 10 of the highest rent prices in Canada. In Vancouver, the most expensive city for renters, an average one-bedroom apartment totalled $2,724.

But while the costs are still astronomical, the asking price for a one-bedroom in Vancouver has dropped 7.5% compared to last year.

Rentals.ca

The rate of increase looks to be dropping in some expensive cities, but Regina, Saskatchewan, actually saw a shocking 20.5% year-over-year increase, the highest across the country.

Rentals.ca

The rent for all residential property types in Canada increased by 7% compared to a year ago.

“Average asking rents decreased 0.8% from May, the largest month-over-month decline since early 2021 during COVID-19 and reversing the typical seasonal trend of increasing rents at this time of year,” reads the report. “Rents were effectively flat over the past three months, increasing by just 0.2% nationally between March and June.”

A closer look reveals that the average rate for condominium rental apartments dropped by 1% in June to $2,146.

“Compared to a year ago, apartment rents were up 9.0%, driven by an 11% annual increase in rents for purpose-built rentals to an average of $2,121,” states the report. “Condominium apartment rents increased by a much smaller amount of 2.6% over the past year to an average of $2,320.”

Below is a national overview of the rent in Canada by property and unit type:

Rentals.ca

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