Cost of Renting Is On The Rise... Is now the time to buy?

In February, the average asking rent across all property types in Canada increased 9.7% year over year to $1,984, according to the most recent National Rent Report from Rentals.ca and Urbanation.

Since June, average rents have not grown by double digits until now.

 Since peaking at 12.4% in November, the annual rate of rent inflation has been declining. For the last three months, rents have fallen by 2%, a 0.6% decrease from January.

 With an average monthly rent of $1,560 for a one-bedroom and $1,920 for a two-bedroom in February, Calgary placed 26th out of 35 cities.

 February's average monthly rent for a one-bedroom increased year over year.

 Edmonton ranked 30th for average monthly rent for a two-bedroom unit in February and 32nd for a one-bedroom unit, both at $1,099 per month. In Edmonton, the average monthly rent for a one-bedroom increased by 5.5% and for a two-bedroom by 10.7% in February compared to the same month last year.

 Lethbridge ranked 30th out of 35 cities for the average monthly rent for a one-bedroom apartment in February, coming in at $1,204, and 31st for a two-bedroom apartment, coming in at $1,365.

 In February, the average monthly rent in Lethbridge for a one-bedroom increased by 20.5%, while it increased by 18.2% for a two-bedroom.

 Red Deer ranked 32nd for average monthly rent for a two-bedroom in February and 31st for a one-bedroom, both at $1,162 per month.

 The average monthly rent in Red Deer increased by 21.1% for a two-bedroom unit and 19.1% for a one-bedroom unit in February compared to the same month last year.

 With an average monthly rent of $966 for a one-bedroom and $1,186 for a two-bedroom in February, Grande Prairie came in last place out of 35 cities.

 The average monthly rent in Grande Prairie increased 9.2% and 9.8% year over year in February for a one-bedroom and two-bedroom, respectively.

 Despite not being on the list, Fort McMurray's one-bedroom average rent in February was $1,093, and its two-bedroom average rent was $1,301.

 The average monthly rent in Fort McMurray increased by 0.4% for a two-bedroom unit and 3.2% for a one-bedroom unit in February over the same month last year.

 The average monthly rent for a one-bedroom residence in February in Lloydminster was $814, and the average monthly rent for a two-bedroom was $928.

 In February, the average monthly rent in Lloydminster for a one-bedroom increased by 10.3% over the previous year, while it increased by 9% for a two-bedroom.

 Among the biggest cities in Canada, Calgary's rents for apartments and condos increased at the quickest rate in February. Calgary's average rent increased by 28.1% annually and 3.8% over the previous three months to $1,862. One-bedroom apartments in Calgary cost $1,652, two-bedroom apartments cost $2,035, and three-bedroom apartments cost $2,370, which is still below the national average.

 Although Edmonton's average rents for condo rentals and flats grew 8.6% annually in February, they have declined 1.3% over the last three months.

 In February, the annual average rent in Red Deer and Lethbridge rose by 17% and 16.5 %, respectively, for condominium and purpose-built apartments.

 The average rent in Alberta is $1,424, with one-bedroom apartments costing an average of $1,272, two-bedroom apartments costing an average of $1,587, and three-bedroom apartments costing an average of $1,655. In Canada, Alberta has had the highest rates of interprovincial migration.

Quote: The rental market experienced a pull back over the past three months following record-breaking rent growth in 2022. The recent slowing can be related to high rental costs impacting affordability and an increase in new supply from apartment completions. However, several key markets experiencing high demand continued to see rents trend higher last month.

– Shaun Hildebrand, president of Urbanation

The National Rent Report tracks and examines national, provincial, and municipal rental market rates and trends on a monthly, quarterly, and annual basis.

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