Rentals in Canada continue to increase

Average asking rents in Canada rose 20 per cent in April for all property types to $2,002 over the pandemic low in April 2021 of $1,662, according to the Rentals.ca and Urbanation latest National Rent Report. That’s an average increase of $340 per month. Lethbridge finished 31st on the list of 35 cities for average monthly rent in April for a one-bedroom home at $1,178 and 32nd for average monthly rent for a two-bedroom at $1,335.

Year over year, average monthly rent in Lethbridge in April for a one-bedroom was up 9.2 per cent and up 11.3 per cent for a two-bedroom.

“Rents continued to face upward pressure across Canada during April, with the strongest growth felt in markets that see the highest levels of immigration. Tenants that signed leases during the pandemic may be facing rent increases of 20 per cent or more if they decide to move, causing reduced turnover that is exacerbating the low supply situation,” said Shaun Hildebrand, president of Urbanation.

“Canadians have become accustomed to increasing rents after the pandemic. Record immigration with most newcomers renting, high interest rates keeping first-time home buyers on the sidelines, and inflation are all drivers of rising rents, increasing demand and low vacancy rates,” added Matt Danison, CEO of Rentals.ca Network.

Calgary finished 27th on the list for 35 cities for average monthly rent in April for a one-bedroom home at $1,607 and 28th for average monthly rent for a two-bedroom at $2,011.

Year over year, average monthly rent in Calgary in April for a one-bedroom was up 17.7 per cent and up 20.6 per cent for a twobedroom.

Edmonton came in 32nd on the list for average monthly rent in April for a one-bedroom home at $1,163 and 31st for average monthly rent for a two-bedroom at $1,489.

Year over year, average monthly rent in Edmonton in April for a one-bedroom was up 10.6 per cent and up 12.2 per cent for a two-bedroom.

Red Deer came in 33rd on the list for average monthly rent in April for a onebedroom home at $1,151 and for average monthly rent for a two-bedroom at $1,334.

Year over year, average monthly rent in Red Deer in April for a one-bedroom was up 25.1 per cent and up 19.7 per cent for a two-bedroom.

For the third straight month, Calgary leads Canada’s major cities for increasing average rents for purpose-built and condominium apartments. Average rents in April were up 22.9 per cent year over year to $1,924.

Red Deer average rents increased 25.7 per cent in April for purpose-built and condominium apartments; Edmonton average rents increased 11.8 per cent in April; and Lethbridge average rents increased 8.2 per cent for purpose-built and condominium apartments.

Provincially, average rent in Alberta increased the second highest by 14.8 per cent in April to $1,500 for purpose-built and condominium apartments.