There’s finally some good news for renters in Calgary: the city just saw its slowest rent growth in over two years, but prices are still high.
Rent prices increased in Calgary by 4.2% in June, coming in just behind Montreal’s at 4.3%, according to a report from Rentals.ca.
These numbers are far below the huge spike the rest of the country saw last month, with an average increase nationwide of 7%. Canadians paid an average of $2,185 in rent in June, a modest increase compared to the past 13 months.
Rentals.ca
“Average asking rents decreased 0.8% from May, the largest month-over-month decline since early 2021 during COVID-19 and reversing the typical seasonal trend of increasing rents at this time of year,” reads the report. “Rents were effectively flat over the past three months, increasing by just 0.2% nationally between March and June.”
Despite Calgary sitting below the national average for rent price increases, the average cost to rent is still high and out of reach for many Albertans at $2,013. It’s slightly easier to break into the rental market if you’re looking at moving into a one-bedroom with an average rental price of $1,743 a month. That number climbs to $2,145 for a two-bedroom.
Edmonton is still significantly cheaper, with an average cost to rent at $1,564. It’s hard to know how long those affordable numbers will last, though, since the city has drawn national interest and is the “leader for apartment rent growth among Canada’s six largest cities for the sixth month in a row in June.”
So, if you plan on heading north, you might want to make the move sooner rather than later.