There’s finally some good news for renters in Calgary: the city continues to show slowing rent growth, with August recording the lowest annual pace in over two years.
Rentals.ca just released its August 2024 Rent Report, which compares the cost of rent in 35 cities across Canada.
According to the data, rent prices are still high in YYC, with the average cost of a one-bedroom apartment being $1,751. However, it’s a 0.5% increase compared to last month and a modest 1.9% increase annually.
These numbers are far below the massive increases other Prairie cities are currently experiencing. Our neighbours to the north in Edmonton saw 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.
Rentals.ca
Cities in Ontario and BC still make up the top 10 of the highest rent prices in Canada; however, similar to Calgary, 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 the previous 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:
Rentals.ca