Lethbridge maintains low ranking for rental housing prices in Canada

Oct 15, 2021 | 10:58 AM

LETHBRIDGE, AB – Home rental prices are continuing to rise steadily across the country, something we are also seeing locally.

Rentals.ca and Bullpen Research & Consulting have released their latest National Rent Report for September 2021.

Nationally, the average monthly cost to rent a one-bedroom unit is $1,503, up 2.1 per cent from the same time last year. Places with two bedrooms increased by 3.9 per cent over the last year, now at $1,881.

“September marked the first time this year that the average rent in Canada wasn’t cheaper than last year, as rental rates continue their upward trend,” says Ben Myers, President of Bullpen Research & Consulting. “Canada’s 10 largest municipalities all experienced quarterly rent growth, showing the recovery is not regional but nationwide. With employment returning to pre-pandemic levels and immigration picking up, expect rental rates to continue to slowly climb over the next 18 months.”

Albertan communities tended to be on the more affordable side of things, with the provincial average for all rental property types going for $1,240.

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A total of 35 communities across Canada were analyzed for the Rent Report. Below is a list of where Albertan cities ranked on the national list:

Calgary (28):
- One bedroom: $1,262 – up 5.7% y/y
- Two bedrooms: $1,555 – up 5.4% y/y
Edmonton (31):
- One bedroom: $1,021 – down 1.5% y/y
- Two bedrooms: $1,245 – down 2% y/y
Lethbridge (32):
- One bedroom: $984 – up 3% y/y
- Two bedrooms: $1,133 – up 4.3% y/y
Red Deer (34):
- One bedroom: $950 – up 2.7% y/y
- Two bedrooms: $1,108 – up 6.1% y/y

Vancouver was, once again, the least affordable city in the country to live in. A typical one-bedroom unit there rented for $2,155 per month, while those hoping for a pair of bedrooms will have to fork out $2,932.

by David Opinko