For the month of August 2018, Toronto and Vancouver remained their spot as top 2 priciest cities in Canada. The rental market in Edmonto registered the sharpest drop with over 5.4% drop in rent prices, while Halifax in Nova Scotia notched impressive 5.5% rent increase per rental website padmapper.
The average rent in Calgary, AB continued to be soft with modest of -2.80% decrease in one bedroom rents to $1050 and -1.50% decrease for 2 bedroom rents to $1330. On year on year the rent for the one bedroom and 2 bedroom apartments remained higher by +2.90% and +2.30% respectively.
In our neibour city Edmonton, AB, one bedroom rent fell -5.4%, which was the largest monthly decline in the country, to $870. Two bedroom rent decreased a slight -0.9% to $1,150. With both Calgary and Edmonton aparment rental markets in downward mode and mortgage interest rates firming upwards, this may be a good time to think about renting instead of buying your next apartment or condo!