Medicine Hat remains among Canada’s most affordable urban rental markets

The increase was smaller than the 4.5 per cent annual increase reported in the previous month’s report, when the city’s average asking rent was $1,345.

The increase came as rental prices continued to decline across much of Canada.

The national average asking rent for all property types was $2,034 in September, down 4.2 per cent from a year earlier.

It marked the 24th consecutive month of annual declines and left rents 9.2 per cent below their peak of $2,202 in May 2024.

Alberta followed the national trend. The average asking rent for all property types in the province was $1,780 in September, down 2.6 per cent year over year.

For purpose-built and condominium apartments, the provincial average was $1,675, down 3.4 per cent.

Medicine Hat was one of several Alberta communities to record annual rent increases. Lloydminster was up 11.6 per cent, Airdrie increased 4.6 per cent, and Red Deer rose 2.6 per cent.

The report also shows a significant gap between rental prices in Alberta’s largest cities and smaller markets.

Average apartment and condominium rents in September were $1,823 in Calgary and $1,522 in Edmonton, compared with $1,339 in Medicine Hat.

Rentals.ca and Urbanation say the national decline in asking rents reflects an easing in rental market conditions following the peak of the market in 2024.

The report also points to new apartment completions and changes in population as factors affecting rental markets.

The September figures measure asking rents for vacant units listed through the Rentals.ca Network, rather than the average rent paid by existing tenants.

The data covers primary and secondary rental markets, including apartments, condominium units, townhouses, semi-detached and single-detached homes, and basement apartments.

Single-room rentals, short-term rentals and identifiable furnished suites are excluded.

Rentals.ca notes its figures can differ from Canada Mortgage and Housing Corp. rental statistics because CMHC measures rents across the existing rental stock, while Rentals.ca tracks asking prices for available units.

by Jesse Gill

Medicine Hat remains among Canada’s most affordable urban rental markets

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