(Lethbridge News Now)

By David Opinko

Rent Report: Lethbridge is Canada’s 7th most affordable city

Jan 18, 2021 | 2:21 PM

LETHBRIDGE, AB – While the cost of rent has gone up in Lethbridge over the last year, it remains one of the more affordable places to rent a home.

For the latest edition of the National Rent Report, Rentals.ca and Bullpen Research and Consulting analyzed 35 Canadian communities to see how the numbers have changed and how they stack up against one another.

Lethbridge was the 29th most expensive city to rent with a typical one-bedroom apartment going for $950 per month. This is a 0.4 per cent decrease month-over-month but an increase of 2.5 per cent year-over-year.

Local homes with two bedrooms listed for $1,106, down 0.6 per cent on a monthly basis but up 8.2 per cent annually.

Across Alberta for all property types, the average cost of rent was $1,227.

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Among the six Albertan communities that were part of this list, Lethbridge was the fourth most expensive.

The ranking of rent for Alberta, with their place on the national list out of 35 in brackets, is as follows:

• Calgary (23)
  • One bedroom: $1,178
  • Two bedrooms: $1,470
• Edmonton (27)
  • One bedroom: $1,027
  • Two bedrooms: $1,262
• Grande Prairie (28)
  • One bedroom: $985
  • Two bedrooms: $1,154
• Lethbridge (29)
  • One bedroom: $950
  • Two bedrooms: $1,106
• Red Deer (30)
  • One bedroom: $930
  • Two bedrooms: $1,000
• Lloydminster (35)
  • One bedroom: $742
  • Two bedrooms: $896

Overall in Canada, it cost an average of $1,358 per month for a place with a single bedroom (-1.83% year-over-year) and $1,703 for two bedrooms (-1.3 per cent year-over-year)

“In many markets, rents have dropped to the point where tenants can lease a suite with an additional bedroom for the same rent as they were paying last year.” — Matt Danison, CEO of Rentals.ca.

While Vancouver and Toronto both saw significant decreases in the annual cost of rent, they topped the list and both were still well above the national average.

• Vancouver (1)
  • One bedroom: $1,855 (-4.4 per cent)
  • Two bedrooms: $2,635 (-9 per cent)
• Toronto (2)
  • One bedroom: $1,832 (-20.4 per cent)
  • Two bedrooms: $2,416 (-17.5 per cent)

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