Calgary continues to be a hot spot for movers, driving up the cost of living and causing rental rates to skyrocket in one of the most expensive markets in the country.
A new report from Zumper found that the cost of renting a two-bedroom property in the city has increased by 7.3% since July 2023. That increase is far above the national average of 0.5% for a one-bedroom and 0.3% for a two-bedroom in major cities across Canada.
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 $2,335.
Zumper
Winnipeg saw the highest annual rent growth at 25%, Edmonton came in second, and Kelowna saw the third-fastest growth at 20.1%.
Our neighbours to the north in Edmonton saw a slight relief after being dethroned as the Canadian city to see the fastest-rising rent.
Despite the change, rent is still rising dramatically in Alberta’s capital city, reaching a 20.9% increase compared to last year.
Regardless of fast-rising rent, it is significantly cheaper to rent in Edmonton than in Calgary. On average, a one-bedroom apartment in YEG costs $1,330 monthly.
Vancouver remains the most expensive city in the country for renters, with a one-bedroom apartment costing an average of $2,700. Despite astronomical costs, Vancouver is the only city in the top 10 that saw a decline in annual rent prices, dropping -2.5% over last year.