While rents in the rest of Canada’s major cities are starting to trend downwards, Edmonton remains an outlier as one of only a handful of cities still experiencing price hikes.
Rentals.ca just released its November 2024 Rent Report, which compares the cost of rent in 35 cities across Canada.
According to the data, Edmonton continued to lead rent growth among Canada’s largest markets, with rent for a one-bedroom apartment rising 7.8% year over year to an average of $1,384.
A two-bedroom now costs $1,703 monthly, a 0.8% decrease from last month and a 6.7% increase from November 2023.
Smaller Canadian cities make up the majority of places where renters are experiencing price hikes.
Saskatoon posted the highest annual rent growth in the country last month at 16.6%. On average, a one-bedroom apartment in Saskatchewan’s largest city now rents for $1,293 monthly.
Quebec City saw the second-highest yearly rent growth for a one-bedroom, rising to $1,429 (10.9%), followed by Regina at $1,296 (8.9%) and Barrie, up to $2,080 (8.4%) monthly.
Unsurprisingly, cities in BC and Ontario made up the top 10 most expensive spots to rent in; however, all but three cities saw a decrease in rent prices year-over-year.
Rentals.ca
Our neighbours to the south in Calgary also saw a decrease in monthly rent prices, paying an average of $1,658 per month for a one-bedroom apartment. YYC saw a -2.0% drop in rent compared to last month and a -4.3% decrease annually.
Rentals.ca
The report added that the average asking rent for all residential property types in Canada averaged $2,152 last month, marking a 1.2% annual decrease. This was the first year-over-year decline in rents since July 2021.