Calgary rent prices just dropped again and it'll make you want to move from Toronto
People in Toronto and Vancouver might want to cover their eyes (or book a U-Haul) because rent prices in Calgary went down again, and it might just tempt you away.
The Alberta city is already known as one of the more affordable major hubs in Canada, and this month it got even cheaper to rent in.
Liv.rent released their December rent reports for cities across Canada, and there's good news for renters in Calgary because the city has had a four-month decline in prices — the average rent dropping $143 since August.
The majority of areas in the city saw prices go down, "with notable drops in Calgary City Centre (-14.35%)," for a one-bedroom furnished unit, the report said.
The only spot in the city that "bucked the trend" was a 0.81% increase for one-bedroom furnished units in Southeast Calgary.
For December 2024 the city-wide average monthly rent for an unfurnished one-bedroom spot is $1,613. While that's still cheaper than the likes of other major Canadian cities, Edmonton's sits even lower at $1,339 for the same unit type.
How it compares
Along with Calgary's, new rent reports also dropped for other Canadian cities, and it's looking more bleak elsewhere in the country.
Although rent prices are on the decline in Toronto too, the average one-bedroom unfurnished spot is going for $2,161 for the city. While that might seem bad, Vancouver beats it with an average rental price for an unfurnished one-bedroom sitting at $2,297 this month.
This month, four out of the five most expensive cities in Canada are in Metro Vancouver. The rent report lists West Vancouver as the most expensive city in the country to rent, with North Vancouver right behind it. Markham was the only city in the top five that wasn't a part of Metro Vancouver.
That means you're coughing up an average of $684 a month more to rent in Vancouver over Calgary, and $548 to rent in Toronto.
Urbanation Inc, Rentals.ca NetworkA ranking of the average rental prices in Canadian cities.
Urbanation Inc, Rentals.ca NetworkAverage asking rent price for different unit types in September 2023.
Urbanation Inc, Rentals.ca NetworkAverage asking rent prices for roommate rentals in September 2023.