The cost to buy a house in Calgary has been exploding but the rental market isn’t looking much better with the city making it into the top 10 most expensive cities to rent in Canada.
A new report from Zumper found the cost to rent a two-bedroom property in the city has gone up by 12.8% since June of last year. That increase is far above the national average of 5%.
If you’re in the market for a two-bedroom apartment in Calgary, you can expect to fork out around $2,200 a month. That number is just shy of the national average, which is sitting at $2,349.
Calgary also saw rent for one-bedrooms rise by 3.4% to $1,830.
Those numbers have bumped Calgary up to the ninth most expensive rental market in Canada, coming in behind Kitchener, Ontario, at #8 and Kelowna at #7.
Zumper
Vancouver still tops the charts at #1, where the average cost for a two-bedroom is sitting at #3,800. It’s followed closely behind by Toronto in second place.
While these numbers aren’t looking good for Calgary, our neighbours to the north aren’t faring too well either.
Edmonton can expect the “sharpest rent increases in Canada,” according to the report, as vacancy rates plummet throughout the city.