Medicine Hat rents remain among Canada’s most affordable, even with increases seen

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(Image Credit: Rentals.ca)

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(Image Credit: Rentals.ca)

Among the 60 communities ranked, Medicine Hat was the fourth most affordable rental markets in the country behind only Fort McMurray, Lloydminster, and St. John’s.

While rents in suburban areas surrounding Toronto and Vancouver posted some of the country’s largest declines, many Prairie and Atlantic Canadian cities continued to have modest growth.

In Alberta, the average asking rent declined 3.4 per cent year-over-year to $1,657 for purpose-built and condominium apartments. This remains the same percentage as two years ago. A decline of 5.2 per cent was reported over three years.

Alberta remains among the country’s more affordable large provinces, with rents noticeably lower than in British Columbia and Ontario.

In nearby Saskatchewan, there was a 2.2 per cent annual increase in the ask for apartment rent. That number jumps to 6.5 per cent over three years.

Saskatchewan, however, showed the lowest overall average rental ask in the provincial overview for April at $1,450. Alberta was the third lowest at $1,757. The average rent ask across all properties in Medicine Hat was at $1,403.

The report shows that despite recent declines, average asking rents nationally remain nearly 22 per cent higher than the pandemic-era low recorded in April 2021.

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(Image Credit: Rentals.ca)

The most current rental report from Rentals.ca can be viewed here.

by Jesse Gill

Medicine Hat rents remain among Canada’s most affordable, even with increases seen

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