The cost of rent continues to rise in many areas across Canada in October 2022. (Image: Lethbridge News Now)

By David Opinko

Home rental prices remain stagnant in Lethbridge in October

Nov 19, 2022 | 9:50 AM

LETHBRIDGE, AB – Home rental prices in Lethbridge saw little change in October 2022.

According to the National Rent Report from Rentals.ca and Urbination, the average cost to rent a one-bedroom unit in Lethbridge in October was $1,118 per month, falling 0.2% from the month prior but still up 6.1% compared to the same time last year.

Homes with two bedrooms rented for $1,294 per month, falling by 0.6% from September but still representing an eight percent rise from the same time in 2021.

Renters elsewhere in the province and around the country, however, continued to see sizable price increases.

The average cost of rent in Alberta rose by 17% year-over-year to $1,613 per month for all residential rental property types.

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Five Albertan communities were analyzed for the National Rent Report. They are listed in order of monthly price with their national rankings out of 35 in brackets:

• Calgary (26)
  • One bedroom: $1,448 – up 16.3% y/y
  • Two bedrooms: $1,771 – up 16.9% y/y
• Lethbridge (30)
  • One bedroom: $1,118 – up 6.1% y/y
  • Two bedrooms: $1,294 – up 8% y/y
• Edmonton (31)
  • One bedroom: $1,095 – up 7% y/y
  • Two bedrooms: $1,413 – 10.8% y/y
• Red Deer (34)
  • One bedroom: $1,017 – up 2.3% y/y
  • Two bedrooms: $1,232 – up 6.9% y/y
• Grande Prairie (35)
  • One bedroom: $968 – up 8% y/y
  • Two bedrooms: $1,173 – up 9.7% y/y

Nationally, the average cost of rent is $1,976 per month, a jump of 12% from the same period last year.

Urbanation President Shaun Hildebrand says the cost of rent has been increasing faster than inflation.

“The unprecedented growth in rents underway is broad-based across Canada, with most markets reporting double-digit annual rent inflation,” says Hildebrand. “The rental market keeps getting hotter with each interest rate increase, coupled with a record high increase in the population. The need to ramp up rental supply has never been greater.”

Vancouver remains the most expensive city in the country in which to rent a home. In October 2022, one bedroom units rented for $2,576 per month, rising 17.2% year-over-year. Two bedroom homes went for $3,521 per month, increasing 16.1% in that time.

READ MORE: Here’s how Canada stacks up against other countries when it comes to high inflation