Rentals.ca has released a report in conjunction with Urbanation, showing some promising signs for Albertans and Canadians as a whole.
The May report shows a rent drop not only across the province, but a national average rent decrease as well. The national average rent went down by 3.3 per cent to $2,129 per month.
Albertans have even more to smile about, as the average provincial rent cost dropped 5.8 per cent year-over-year to a figure of $1,838.
Edmonton had a year over year decrease of -2.3 per cent for a one-bedroom apartment since May 2024, with the average asking price being $1,336 a month. A two-bedroom dwelling only decreased -0.7 per cent over the same time frame, with an asking price of 1,679 dollars.
Those prices beat out southern neighbor Calgary, whos asking prices are $1,591 for a one-bedroom apartment and $1,944 for a two-bedroom apartment, although the asking prices have dropped substantially more than Edmonton’s. Year over year, it was a -8.2 per cent drop for one-bedrooms, and a -9.2 per cent decrease for two-bedrooms.
The most expensive area of the country in terms of rent prices is North Vancouver, with an average one-bedroom asking price over $2,620 a month, down 2.2 percent from this time last year. A two-bedroom asking price is $3,578.
To complete the top five, the second highest rent is Vancouver, then Burnaby, Coquitlam, and then Toronto to round it off.
Most of the other province’s average asking rent decreased since May last year, with the other biggest droppers being Ontario down 3.4 per cent and British Columbia being down 2.9 per cent. Manitoba jumped up a negligible 0.1 per cent, whereas Saskatchewan’s was raised 2.0 per cent and Atlantic Canada’s went up 3.0 per cent, the highest in the country province wise.
