Asking rents in Alberta increased in July for the second straight month, following two months of decline, according to the August national rent report produced by Rentals.ca and Bullpen Research & Consulting.
In July the average monthly rent in Calgary for a two-bedroom home was $1,487 (up 0.6 per cent), while it was $1,303 for a one-bedroom (down 0.6 per cent).
Fort McMurray was 25th overall with average two-bedroom rent at $1,366 (down 1.7 per cent) and one-bedroom at $1,247 (down 5.6 per cent), followed by Edmonton at 26th with two-bedroom average rent of $1,333 (up 0.5 per cent) and one-bedroom of $1,074 (down 2.5 per cent).
Second straight month of increases, following two months of decline
Grande Prairie was 28th with a two-bedroom going for $1,256 (up 0.3 per cent) and a one-bedroom going for $1,057 (up 0.3 per cent), followed by Red Deer at 31st with $1,180 for a two-bedroom (up 0.8 per cent) and a one-bedroom for $1,041 (down 1.4 per cent). Lethbridge was 33rd with a two-bedroom going for $1,094 (down 0.3 per cent) and a one bedroom going for $917 (down 0.8 per cent).
Vancouver led the way among cities across the country, with an average two-bedroom rent of$3,089, up nine per cent, and one-bedroom rent at $2,028, up 1.9 per cent.
Toronto sat in second spot, with an average two-bedroom rent of $2,758, down 0.9 per cent, and one-bedroom rent at $2,259, down 0.3 per cent.
On a provincial level, Ontario had the highest rental rates in July, with landlords seeking $2,283 per month on average (all property types), a slight increase from June ($2,279). In British Columbia, the average asking rent was $1,889 per month, an increase of two per cent month over month, following June’s three per cent monthly increase.
According to the report, in most provinces, one-bedroom and one-bedroom-plus-den units account for 75 to 85 per cent of the rental listings on a monthly basis. That share is highest in British Columbia and Manitoba at 87 per cent, and the lowest at 72 per cent in Quebec.
In Quebec, the share of renters as a percentage of total households is very high and the supply of new housing is much less constrained. Those two factors contribute to the higher share of three-bedroom units at 18 per cent of listings on Rentals.ca in July, which was topped only by Nova Scotia’s 19 per cent.
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