Illustration by The average asking rent and asking rent per square foot by province in October 2018.

Rent report says one-bedroom unit costs $906 in Red Deer

An average one-bedroom unit in the City of Red Deer costs $906 a month, according to a report.

The October national assessment ranks Red Deer 21st in a list of 25 municipalities across Canada, meaning the city has some of the lowest rents in the country.

The report states a two-bedroom unit in Red Deer rents for $1,094. CEO Matt Danison said a healthy rent-to-income ratio is 30 per cent. This means Red Deerians would need to earn around $36,000 annually to be in the “healthy” category for one bedroom and $41,500 for two bedrooms.

“The take-home salary will have to be around $36,000 to be in the healthy rent-to-income ratio for Red Deer,” Danison said, adding the 30 per cent ratio is considered healthy in both Canadian and U.S. markets.

Danison said that according to Statistics Canada, the average market income in 2015 for Red Deer was $56,959.

“A lot of major cities across Canada have an unhealthy rent-to-income ratio,” he said, referring to major hubs such as Toronto.

Four other Alberta municipalities also made the list. Fort McMurray ranked 13th out of 25 municipalities at $1,245 for a one bedroom, followed by Calgary in the 14th spot at $1,213.

Edmonton ranked 17th on the list at $1,006 for a one bedroom, followed by Winnipeg and Regina in the 18th and 19th spots.

Grande Prairie placed 20th at $969, followed by Red Deer.

Danison said the goal of the monthly report is to compare rents across various cities in Canada.

“To have a nice comparison on a national level,” he said.

On a provincial level, Ontario had the highest rental rates in October. The Northwest Territories was second, with an average rental rate of $1,726 per month, but the sample size of properties was very small, the report states.

British Columbia was third in the provincial rankings, with units listed for $1,376 per month, but the sample of properties is short of listings in the high-rent Vancouver area.

The website states it is actively working to increase listings in Vancouver, but due to a small sample size, the average rental rate was not included in the October report. Danison said this may change in the November monthly report, which will be available in December.

The average rental rate in Newfoundland and Labrador was just $930 per month, the lowest among the provinces in Canada.

Toronto was in the number one spot with rent rates at $2,166 and $2,589 for one and two bedrooms.

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