Rents in some parts of Alberta fell in December. Photo contributed

Rents in Canada rose in December but fell in Alberta including Red Deer

The average monthly rent in Canada rose 4.3 per cent, year over year, at the end of December.

But average rents decreased for all property types in Red Deer, as well as in five other major Alberta municipalities — Calgary, Edmonton, Lethbridge, Fort McMurray and Grande Prairie.

The six cities placed in the bottom half of a list measuring the average monthly rents in 30 cities in December, according to the January National Rent Report from Rentals.ca and Bullpen Research & Consulting.

Red Deer finished 26th for a one-bedroom unit at $966 and 27th for a two-bedroom unit at $1,028.

Lethbridge came in 28th for a one-bedroom unit at $927 and the last of the 30 cities for a two-bedroom unit at $1,022.

Fort McMurray finished 17th of the 30 cities for a one-bedroom rental at $1,195 and 22nd for a two-bedroom unit at $1,250.

Calgary was at 21st for a one-bedroom unit at $1,187 and 19th for a two-bedroom rental at $1,425. Edmonton came in at 22nd for a one-bedroom unit at $1,010 and 23rd for a two-bedroom rental at $1,226.

Grande Prairie was next at 23rd for a one-bedroom unit at $996 and 24th for a two-bedroom rental at $1,213.

On a provincial level, Alberta was only ahead of Saskatchewan and Newfoundland and Labrador for least expensive rents. Ontario had the highest rental rates in the fourth quarter of 2019, with landlords seeking $2,318 per month on average for all property types.

The nation’s three largest cities experienced significant rent increases in 2019 for all property types listed on Rentals.ca: Toronto at nine per cent; Montreal at 25 per cent and Vancouver at 11 per cent.

Rentals.ca is forecasting more modest rental growth in 2020 versus 2019, but the expectation is average rents will grow faster than inflation in most major markets outside of Alberta and Saskatchewan.

Rentals.ca’s recently published 2020 Rental Market Predictions report forecasts Canada’s average rental rates will increase three per cent year over year.



mamta.lulla@reddeeradvocate.com

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