Despite inflation slowing in Alberta, the province’s rent prices have increased by nearly twice the national average.
Statistics Canada released its April Consumer Price Index Report on Tuesday.
According to the report, the country’s annual inflation rate slowed to a three-year low of 2.7 per cent in April, down slightly from 2.9 per cent in March.
In Alberta, the deceleration largely came from electricity and natural gas prices. The cooling, however, was moderated by soaring rent prices.
Statistics Canada found rent prices in Alberta rose 16.2 per cent year-over-year in April, up from a 14.2 per cent increase in March.
This marks the eighth consecutive month Alberta has seen rent increases higher than the national level, which was 8.2 per cent in April.
Statistics Canada notes the increase coincides with strong demand from high net interprovincial migration to Alberta.
Migration data from the organization shows Alberta saw its population surge by 202,324 residents to 4.8 million in 2023.