Rental sign -- LNN

By Connor Gunn

Average rent in Canada down 9.5% from a year ago

Oct 14, 2020 | 2:53 PM

LETHBRIDGE, AB– The monthly Canadian rent report numbers have come out for September.

Lethbridge is quite affordable in the report, but the average monthly rents are on the rise.

Lethbridge came in 29th for average monthly rent for a one-bedroom home at $956 and 32nd for average monthly rent for a two-bedroom at $1,087.

Part of the drop in price comes from the work-from-home phenomenon and the pandemic continues to shift demand patterns as tenants look for locations farther from their place of employment, cheaper properties, and units with more space.

Month over month, Lethbridge’s average rent for a one-bedroom was up 1.2 per cent and 0.2 per cent for a two-bedroom.

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Calgary had a different story and finished 24th on the list of 35 cities for average monthly rent in September for a one-bedroom home at $1,195 and for average monthly rent for a two-bedroom at $1,476.

Matt Danison, CEO of Rentals.ca, says a lot of the change comes to space in homes.

“Many prospective tenants desire more space as they work from home. We encourage our clients to highlight any extra space such as a den which can be used for office space or amenities such as fast internet, which can make working from home easier.”

Some other facts from the October National Rent Report include:

• Toronto had the highest average monthly rent of the 35 cities listed for a one-bedroom home in September at $1,967, and Vancouver had the highest average monthly rent for a two-bedroom at $2,712.
• Prince Albert had the lowest average monthly rent for a two-bedroom at $855.
• On a provincial level, British Columbia had an average rent of $2,065 per month, edging out Ontario ($2,040) for the highest average rents in September for all property types.
• British Columbia was one of just two provinces to post positive year-over-year rent growth, joining Quebec.
• Alberta’s average monthly rents for all property types declined by 3 per cent year over year in September to $1,240.