While rent growth is finally slowing nationwide, Edmonton remains an outlier among Canada’s largest cities, being the only one to record annual rent price growth this month.
Rentals.ca just released its September 2024 Rent Report, which compares the cost of rent in 35 cities across Canada.
According to the data, Edmonton was the only city among Canada’s six largest markets to record annual rent growth, with apartment rents rising 9.2% to an average of $1,579.
The average asking price for a one-bedroom apartment in YEG is now $1,376, a 0.9% decrease from last month but a 7.5% hike compared to the previous year.
A two-bedroom now costs $1,704 monthly, a 0.7% decrease from last month but an 8% increase from September 2023.
Cities in Ontario and BC still make up the top 10 highest rents in Canada. However, most are experiencing annual declines. In BC, average apartment rents dropped by 5.2% annually, while Ontario saw a 4.3% decline overall.
“Rent increases in Canada finally returned to their longer-term average after nearly three years of excessive growth,” said Shaun Hildebrand, president of Urbanation.
“This was achieved through a combination of more supply being built, as well as a rollback in demand from population-related changes in government policies.”
Rentals.ca
Meanwhile, rent growth continues to pick up in Canada’s most affordable provinces, with Saskatchewan leading rent growth this month. The province led the country with a whopping 21.4% annual increase, bringing average apartment rents to $1,338.
Rentals.ca
Our neighbours to the south in Calgary pay an average of $1,708 per month for a one-bedroom apartment. YYC saw a -2.5% decrease in rent compared to last month and a -1.1% decrease annually.
Below is a national overview of the rent in Canada by property and unit type:
Rentals.ca