A new report shows rent in Calgary remains significantly more affordable than other Canadian big cities, including Halifax, where average rents are now nearly $400 higher.<\/p>\n
The analysis from Rentals.ca has Calgary\u2019s average rent at $1,870, well below Toronto ($2,482), Vancouver ($2,672) and Halifax ($2,269). Edmonton remains cheaper still at $1,590. <\/p>\n
Calgary has also recorded the largest two\u2011year drop in rents at \u201311.8 per cent, closely trailed by Vancouver and Toronto.<\/p>\n
For newcomers Parth and Swati Budhiraja, who moved from Halifax six months ago, the difference has been striking. <\/p>\n
\u201cThere I was paying 2,500 for a two\u2011bedroom, two\u2011bath,\u201d Parth said. \u201cHere we are paying 2,300, including parking, and that too in downtown. Anyone looking to move to Calgary right now, I feel like it\u2019s the right time.\u201d<\/p>\n
The report also shows the average asking rent for purpose\u2011built and condo apartments nationwide dipped 2.4 per cent year\u2011over\u2011year to $2,035. <\/p>\n
Alberta led provincial declines at \u20134.4 per cent, followed by Ontario and B.C. Saskatchewan, meanwhile, continued its upward trend with a 3.3 per cent increase.<\/p>\n
Industry experts say Alberta\u2019s cooling rents may be tied to a slowdown in the province\u2019s recent migration boom and a growing supply of units. <\/p>\n
\u201cA lot of the commercial buildings downtown are being converted into residential apartment buildings,\u201d said Corinne Lyall, broker and owner at Royal LePage Benchmark. \u201cOn top of that, new zoning has allowed more properties with suites.\u201d<\/p>\n
Lyall expects one\u2011bedroom condo rents to soften further as more units hit the market, though larger homes may see landlords offering incentives rather than lowering prices.<\/p>\n
Despite the declines, the national average rent still sits above $2,000. Rents across Canada have declined on an annual basis for 17 straight months.<\/p>\n","protected":false},"excerpt":{"rendered":"A new report shows rent in Calgary remains significantly more affordable than other Canadian big cities, including Halifax,…\n","protected":false},"author":2,"featured_media":510141,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[194293],"tags":[49,2798,48],"class_list":{"0":"post-530945","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-calgary","8":"tag-ca","9":"tag-calgary","10":"tag-canada"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/530945","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=530945"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/530945\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/510141"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=530945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=530945"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=530945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}