Rent growing fastest in Calgary compared to rest of country
The cost to rent a place to live continues to climb in Calgary at a faster rate than any other major city in the country.
The average cost of a two-bedroom apartment in the city is 8.9 per cent higher in October of this year compared to one year earlier, according to the latest report by the Canada Mortgage and Housing Corporation (CMHC).
Rents in the city had soared by 14.3 per cent from October 2022 to October 2023.
Calgary is still significantly outpacing all other major cities because of “unabated rental demand,” according to the CMHC.
“Strong rent increases were supported by updated rental stock over the recent years, with a growing share of newer units becoming competitive with homeownership and secondary rental options. Landlords had more flexibility to raise rents for existing tenants, as they were not bound by rent increase guidelines,” the report said.
Affordability not improving
On average, rent is increasing by 5.4 per cent nationally.
Overall, affordability is not improving as many living expenses continue to rise.
In Alberta, the latest inflation statistics were released on Tuesday showing an increase of 2.8 per cent in November. The higher price of gasoline compared to one year ago was the major reason for higher inflation in the province.
Besides food and energy costs, inflation rose to three per cent, which is above the national measure and the highest among the provinces, according to Charles St-Arnaud, an economist with Alberta Central credit union.
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