While the cost to buy a house in Calgary has exploded, many locals have struggled to keep up and are resigning themselves to the rental market instead.
A recent report found the average home price in Calgary is around $587,300, while another put the aggregate home price in the first quarter of 2024 at $676,400 — a range far out of reach for many Calgarians.
It seems that locals are turning to the rental market instead, with Calgary seeing the biggest growth in renter shares across the Prairie provinces.
A report from Point2 found renter shares rose from 28.4% to 31% across five years between 2016 and 2021. Winnipeg trailed close behind, going from 35% to 36.8%
Our neighbours to the north are also no strangers to renters, with 84% of residents under the age of 24 renting.
Point2
Age demographics play a role in the rental market, as younger millennials make up most of the rental market, followed closely by seniors over the age of 65.
The number of renters in Calgary is nearing the national average of 33%, but three Canadian Prairie cities have already surpassed that number: Winnipeg leads the way at 36.8%, followed by Edmonton at 36.2%, and Saskatoon at 34.9%.