While rent prices are dropping fast in Canada’s larger, more expensive cities, smaller and more affordable markets like Edmonton continue to see big increases.
A new report from Zumper found that the cost of renting a one-bedroom property in Alberta’s capital city fell by 2.1% last month to land at $1,400; however, its year-over-year increase was 16.7%.
“Saskatoon overtook Edmonton as the city with the fastest growing rent with one-bedrooms, up 16.8% annually,” Zumper writes.
Edmonton and Québec City were close behind with the next largest annual rent price growth rates.
The price of a two-bedroom property in YEG declined by 1.8% over the last month and rose by 12.9% year over year, landing at $1,660.
Zumper
For our neighbours to the south, Calgary is down to 11th place. The one-bedroom rent rate has declined 2.2% since last month, currently at $1,750. A two-bedroom property in YYC costs renters on average $2,190, a 2.2% month-over-month price drop.
At the top, Vancouver’s one-bedroom rent was down annually for the 4th consecutive month, sitting at just under $2,700, and the city’s two-bedroom rent rate was also in the negatives.
Zumper added in the report that new supply becoming available to help meet demand across the country has helped ease the national prices from the double-digit growth rates they previously experienced last year.