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

Across Alberta, the average asking rent for all property types was $1,770 in October, down 1.4 per cent from a year earlier. Apartment and condo rents in the province were down 1.8 per cent annually and 0.8 per cent from September.

Across all property types, Medicine Hat’s average was the second most affordable at $1,321, just two dollars more than Lloydminster at $1,319.

Lethrbridge also remained eighth at $1,563.

Calgary recorded the largest annual decline among Canada’s six biggest rental markets, with apartment and condo rents falling 2.4 per cent to $1,806. Edmonton rents were down 1.3 per cent to $1,510.

Nationally, the average asking rent across all property types was $2,036 in October, a 3.2 per cent decrease from the same month last year. It marked the 25th consecutive month of annual declines, although the drop was the smallest since February.

The report says the annual decline has eased for two consecutive months, moving from 4.8 per cent in August to 4.2 per cent in September and 3.2 per cent in October. Rents edged up 0.1 per cent month-over-month.

Purpose-built rental apartments remained the most resilient property type nationally, with average rents down 2.1 per cent year-over-year to $2,040. Condo rents fell 5.5 per cent to $2,048, while rents for houses and townhomes declined six per cent to $2,016.

The report notes Toronto and Vancouver have returned to annual rent growth for the first time in more than two and a half years.

Toronto rents rose 1.6 per cent in October, ending 32 consecutive months of annual declines, while Vancouver recorded a 0.2 per cent increase after 34 months of declines.

The data is based on monthly listings from the Rentals.ca network and differs from figures collected and published by the Canada Mortgage and Housing Corporation.

by Jesse Gill

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

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