Edmonton remains one of the cheapest spots to rent, but it's not all rosy
While we may have a slight upper hand when it comes to housing costs in Edmonton, things aren’t as rosy as they seem.
Rentals.ca released its April 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.
Rentals.ca
At number 30 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 $1,129 per month to rent, which is a 2.8% increase over last month. For a two-bedroom, that’ll bump you up to $1,445, a 2% 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 10.1% compared to this time last year, and two-bedrooms have seen a 12.9% increase.
Rent prices in Alberta now increasing at a higher rate than in BC.
The year-over-year increase in Alberta generally for a one-bedroom has increased by 13% compared to BCâs 11%.
A two-bedroom has ballooned by 14.8% in Alberta compared to BCâs 13%, and a three-bedroom has gone up by 7.3% in the province against BCâs 6.4% 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 $2,004 per month, up 10.8% annually.
Rentals.ca