Calgary rentals down 7.2 per cent at end of 2024: report

Rental prices in Calgary have dropped after seeing one of the largest increases in the country in 2023, according to a new report.

The report from Rentals.ca and Urbanation shows average asking rents across Canada sat at $2,109 in December, down 3.2 per cent from the same month in 2023, which is a 17-month low.

Calgary’s rentals are down by 7.2 per cent, now an average of $1,921 for all rental types, including condos. The average was $2,046 in August 2024.

Bachelor suites went down by 15 per cent to $1,402, and one and two-bedrooms down by 6 and 7 per cent, or $1,697 and $2,067 respectively. Three bedrooms dropped by 8.2 per cent to $2,420.

This follows a nearly 14 per cent annual rental growth between 2022 and 2023 in the city.

But Rentals.ca tells CityNews a rise in vacancy rates and a surge in rental completions in Calgary has put downward pressure on prices in 2024.

Meanwhile, Vancouver and Toronto remain the two most expensive places to rent, though the latter also saw a 7 per cent decrease, dropping to an average of $2,632.

Edmonton was one of the few cities to see average apartment rents increase, going up by 2.7 per cent to an average of $1,506, following a growth trend of 13.5 per cent in 2023. But the report notes average rents have been declining by 6.5 per cent over the past three months.