Last month, Calgarians received a much-needed break in the housing market when rent prices dropped. It looks as though housing affordability is continuing to improve, as rent prices have fallen by even larger margins this month.
Rentals.ca released its latest rent report, and things continue to look up for renters. Calgary saw even greater rent decreases in one-bedroom and two-bedroom apartments, month over month and year over year.
The average asking rent for a one-bedroom apartment in Calgary is $1,658, down 2% from last month and 4.3% from last year.
Two-bedroom apartments in the city also saw asking prices for rentals decrease, with the average rent coming to $2,004, a 3.4% decrease from last month and a whopping 7% decrease from last year.
Rentals.ca
According to the report, Calgary saw the greatest decline in average asking rents nationwide compared to three months ago, with a 5.5% decrease. However, Calgary, unfortunately, still ranks as the province’s most expensive city for rentals.
The rental report painted a bleaker picture for our neighbours to the north, with Edmonton leading rent growth among Canada’s largest markets. While the city saw slight decreases month-over-month in rental prices, the average asking rent is much higher than last year, reaching $1,384 for a one-bedroom apartment and $1,703 for a two-bedroom apartment.
Alberta’s rental market is relatively affordable compared to Canada’s other large markets, with both Calgary and Edmonton offering relatively affordable housing for renters. According to the data, the average asking rent for all residential property types in Canada reached $2,152 per month.
Ontario and British Columbia lead the charts for Canada’s rental market, with Vancouver topping the list with a soaring average rent of $2,610 for a one-bedroom apartment.