Rent rises over 18 per cent in Lethbridge in one year

Both of those numbers rose at higher rates than the national averages of 0.79 per cent and 15.09 per cent respectively.

The annual rate of inflation in Canada in January 2023, according to Statistics Canada, was 5.9 per cent.

Urbanation President Shaun Hildebrand said the rental market across Canada experienced a pull back over the past three months following record-breaking growth in 2022.

“The recent slowing can be related to high rental costs impacting affordability and an increase in new supply from apartment completions. However, several key markets experiencing high demand continued to see rents trend higher last month,” said Hildebrand.

The provincial average for rental prices in Alberta among all apartment and condo listings was $1,424 per month, up 14.5 per cent year-over-year.

A total of 35 Canadian communities were analyzed for the National Rent Report, five of which are in Alberta. The Alberta communities are listed below in order of price with the number in brackets representing its ranking on the national list.

Calgary (26)
- One bedroom: $1,560 – up 23.3 per cent in one year
- Two bedrooms: $1,920 – up 25.1 per cent in one year
Lethbridge (30)
- One bedroom: $1,204 – up 20.5 per cent in one year
- Two bedrooms: $1,365 – up 18.2 per cent in one year
Red Deer (31)
- One bedroom: $1,162 – up 19.1 per cent in one year
- Two bedrooms: $1,286 – up 21.1 per cent in one year
Edmonton (32)
- One bedroom: $1,099 – up 5.5 per cent in one year
- Two bedrooms: $1,417 – up 10.7 per cent in one year
Grande Prairie (35)
- One bedroom: $966 – up 9.2 per cent in one year
- Two bedrooms: $1,186 – up 9.8 per cent in one year

Vancouver remains the most expensive city in the country in which to rent a home. In February 2023, the average listing for homes with one unit was $2,640 per month, while two-bedroom units went for $3,632 per month.

READ MORE: Lethbridge News Now

by David Opinko

Rent rises over 18 per cent in Lethbridge in one year

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