Calgary sees biggest rent drop of any major market in Canada

Calgary  sees biggest rent drop of any major market in  Canada.
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Rents this month are  6% and  7.2% lower than  the same period last year for  one- and two-bedroom  rentals, respectively.
A new report from Rentals.ca  shows that rental prices have fallen more in Calgary than any other major Canadian market in  2024.
Calgary has seen the  biggest price  drop of  any major rental  market in Canada, according to a report  from Rentals.ca.
According to the report released this month, rates for two-bedroom  apartments in the city  have fallen by 7.2% and one-bedroom  apartments by 6% compared to January  2024 rates.
"It's good for  tenants because  they have more options to choose from, but landlords now  need to prioritize  (tenant) retention as much as possible," said Giacomo Ladas, associate director of communications  at Rentals.
Currently, the average rent in Calgary is $1,606 for a one-bedroom  apartment and $1,933 for a  two-bedroom apartment. 
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The city's rental vacancy rate  rose to 4.8 per cent in October, according to a new report  from the Canada Mortgage and Housing  Corporation (CMHC). In 2023, that rate was just 1.4 per  cent.
"As Calgary's vacancy rate  has increased, new  rental units have taken longer to lease,"  said Ladas. "Demand was not as strong  ... and there was  an increase in  lease terminations, which helped ease  the pressure on the market."
The price drop for a two-bedroom apartment in Calgary is matched only by Toronto, which also saw a  drop of 7.2  percent.
According to Lada, several apartment developments in Toronto have come to market with the intention  of selling. "Nobody wanted them because  the interest rates were  too high," he said, and many properties were  converted to  rentals.
"Alberta and Calgary have been  very smart in saying what we need is  targeted rentals," he said.

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