Calgary posts steepest rental price decline among major markets, says report
CBC
Asking rates for apartment rentals in Calgary went down in January, marking the steepest decline across major markets in Canada, according to the latest report from Rentals.ca.
The report ranks Calgary at 28 out of 35 markets surveyed. Vancouver is in the No. 1 spot as the most expensive, averaging $2,512 for a one-bedroom and $3,430 for a two-bedroom unit.
The average in Calgary was $1,606 and $1,933, respectively.
That marks a decline of six per cent from what it was at the same time last year for one bedroom. Two-bedroom units are 7.2 per cent lower than they were in January 2024.
"In simple terms, the overall vacancy rates in Calgary now are about 4.8 per cent, which has increased," said Giacomo Ladas with Rentals.ca
"But what's really happened is there has been a surge in rental completions throughout Alberta and specifically Calgary."
The trend in Calgary follows a national pattern that saw average prices drop three per cent in 2024 after two consecutive years of growth.
After posting the fastest rent growth in 2023 among Canada's major markets, Calgary's rents fell 7.2 per cent to an average of $1,921 in 2024.
In comparison, Edmonton, which is the sixth largest rental market in the country, saw average rent prices rise by 2.7 per cent, to an average of $1,506.
In terms of what to expect for Calgary, Ladas says a slowdown in the construction industry might cause prices to rise again, but that may still be down the line.
"Current trends do suggest that we might see further decrease throughout 2025," he said.
But that might be short-lived.
"I think it will start to accelerate in the next few years because there has been a slowdown in construction in the last six months to a year, just because it's not been the most favourable market right now to start putting big investments in rentals," said Ladas.
"But as the summer months continue, I do expect demand to really increase and expect prices to also reflect that."
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