Calgary's rental prices climbing faster than anywhere else in the country
CBC
Touted in recent years as one of Canada's most affordable big cities, Calgary's rental prices are now increasing faster than any other large market in the country.
That's according to a recent report by Rentals.ca, an online marketplace that leverages data from new apartment listings across Canada. The report found that in July, the price of a one- and two-bedroom rental increased by 17 per cent year-over-year — the highest jump in the country.
It now costs an average of $1,718 for a one-bedroom apartment and $2,121 for a two-bedroom apartment in Calgary.
Giacomo Ladas, director of communications with Rentals.ca, says he doesn't see that trend changing anytime soon.
"With the vacancy rates as low as they are, we kind of don't expect these prices are going to change until we see a mass build of purpose-built rentals across the country," said Ladas.
So what's contributing to these rapidly increasing rents?
Ladas says this summer has been the perfect storm: university students are back and in search of housing. Increasing numbers of Canadians are moving to the province. Interest rates were hiked to a 22-year high. All while Calgary's vacancy rate remains at a near-decade low.
Still, Calgary is far from having the most expensive rents. In fact, the report shows Vancouver and Toronto continue to hold that spot, with Calgary in 26th place.
But that's also part of the problem, says Ladas. Since people are being priced out of those bigger cities, they're continuing to move here instead — and even Calgary's growing rental costs are a relief from prices in other markets.
He says the main solution is to build purposeful rentals at mass scale, otherwise the burden on the rental market will persist.
"This requires lots of reform in larger municipalities and their land use divisions to really help incentivize projects to go bigger and faster," said Ladas.
"We really need to see more supply come into the market."
Meanwhile, Calgary Housing Company's waitlist has grown to 5,300 families — up from 5,000 in the spring.
Larry Dunlop, 60, is one of many Calgarians desperate for an affordable place to live.
The Association of Yukon Fire Chiefs says about 80 per cent of volunteer firefighters in the territory are wearing expired protective equipment, putting them in danger and in violation of occupational health and safety regulations when they respond to emergencies.
Environment Minister Steven Guilbeault will be given a new portfolio in Mark Carney's cabinet, a source with knowledge of the decision told Radio-Canada.
The Alberta government has suspended a loan program at Picture Butte Feeder Cooperative, the province's largest cattle financing cooperative, after an inspection alleged a number of financial mismanagement and regulatory issues.
If you look up at the sky late, late Thursday in the Toronto area, there's a chance you'll be able to see a total lunar eclipse and what's called a blood moon.
When wintertime calls, go where it's warm.
Colby Leamon had lost a close family member, and was looking for a dog to provide emotional support.
The cost of a 24-pack of beer could increase $3 to $5 because of 25 per cent tariffs on aluminum exported to the United States, according to a craft brewery in northern Ontario.
Fire tore through a seafood processing plant in Cape John, N.S., on Wednesday night.
Another of New Brunswick's new municipal councils has become embroiled in drama and bitter conflict.
Tardiness is nothing new at Via Rail, but late arrivals are reaching historic levels in a key corridor since passenger trains have been forced to slow down at hundreds of rail crossings operated by CN Rail.
Walmart Canada will stop selling machetes — a type of weapon frequently used in violent crimes — in stores across the country, after Manitoba's government pressured the retailer to restrict online sales.
The parents of two 15-year-old girls at Evan Hardy Collegiate in Saskatoon say they went to police and the school multiple times between June and August 2024 with concerns about escalating online threats from the student now accused of setting one of the girls on fire in a school hallway.
After more than two years of developing an official plan, the City of Charlottetown is getting close to voting on adopting it. Some residents have concerns with higher density housing the plan could make way for, but others are welcoming it.