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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