Edmonton rent prices are rising SO fast compared to most of Canada

While Edmonton continues to enjoy lower housing costs than much of Canada, rent prices are increasing faster than almost everywhere else.

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

At number 31 on the list of 35 cities, Edmonton is more affordable than Montreal, Calgary, Winnipeg, 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 either slower price growth or decreases in rental costs.

Rentals.ca

According to the report, Edmontonians now pay $1,353 monthly to rent a one-bedroom apartment, a 1.1% increase over last month. For a two-bedroom apartment, the cost is $1,665, a 0.7% increase compared to this time last month.

Rent prices for a one-bedroom in Edmonton are up a staggering 16.4% compared to the same time last year, while two-bedrooms have seen an 11.8% year-over-year increase.

Rentals.ca

Rentals.ca

In a bit of a surprise to some, Rentals.ca says the City of Lloydminster posted the fastest annual rent growth in the country last month.

Asking rents for apartments in that city have shot up 26.7% from a year ago yet kept a pretty low average monthly cost of $1,122.

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The cost of housing is still astronomical in Vancouver, Canada’s most expensive city for renters. The average cost of a one-bedroom in that city increased by 0.5% last month, now at $2,646 monthly.

Month-over-month decreases were seen in Toronto, Mississauga, Kanata, Brampton, Ottawa, and several other Ontario cities.

Rentals.ca

The year-over-year increase in Alberta for a one-bedroom has increased by 17% compared to BC’s 5%.

A two-bedroom has ballooned by 15% in Alberta compared to BC’s 3%, and a three-bedroom has gone up by 21% in the province against BC’s 1% increase.

Canadians across the country are feeling the pinch of rising housing costs. In May, the average rent for all Canadian properties listed on rentals.ca was $2,150 monthly, up 11% from last year.