Edmonton sees the highest rent growth of any major Canadian city
While annual rent growth continues to slow in Canada’s most expensive cities, Edmonton is leading the pack when it comes to double-digit price increases.
Rentals.ca just released its August 2024 Rent Report, which compares the cost of rent in 35 cities across Canada.
According to the data, Edmonton continues to see skyrocketing annual rent growth. The city has the highest recorded rent growth amongst Canada’s largest markets, according to Rentals.ca, with an increase of 14.3% and a total average rent of $1,579.
The average asking price for a one-bedroom apartment in YEG is now $1,389, a 1.5% increase from last month and a whopping 16% hike from this time last year.
A two-bedroom now costs $1,716 per month, a 0.4% increase over last month and a 12% increase compared to July 2023.
Our neighbours to the south in Calgary pay an average of $1,751 per month for a one-bedroom apartment. YYC saw a 0.5% increase in rent compared to last month and a modest 1.9% increase annually.
Cities in Ontario and BC still make up the top 10 of the highest rent prices in Canada; however, growth is slowing. In Vancouver, the most expensive city for renters, the average one-bedroom apartment totalled $2,761.
Though it’s a 1.3% increase over last month, the asking price for a one-bedroom in Vancouver has dropped 8.4% compared to last year.
Rentals.ca
While growth slows in the 10 most expensive cities, it’s picking up in the 10 most affordable. Cities including Edmonton, Winnipeg, Regina, Saskatoon, and Quebec City have all seen rent hikes in the double digits this past year.
Rentals.ca
The rent for all residential property types in Canada increased by 5.9% compared to a year ago.
Below is a national overview of the rent in Canada by property and unit type:
