For the month of September 2018, Toronto and Vancouver again kept their spot as top 2 priciest cities in Canada. While Our own Calgary market firmed up with Rents for 1 and 2 bedrooms jumped by 4.8% and 4.5% respectively. Edmonton registered modest improvement with over 2.3% & 4.3%, the rental market in Burnaby B.C. took a 4.2% dive the sharpest drop across all major cities in Canada, per rental website Padmapper.
The average rent in Calgary, AB increased modestly by +4.80% decrease in one bedroom rents to $1100 and +4.50% decrease for 2 bedroom rents to $1390. On year on year the rent for the one bedroom and 2 bedroom apartments remained higher by +7.80% and +6.90% respectively.
In our neibour city Edmonton, AB, one bedroom rent rose +2.30%, with monthly rent at $890. Two bedroom rent increased more modest by +5.30% to $1200. With both Calgary and Edmonton aparment rental markets in upward mode and mortgage interest rates firming upwards, things may be turning to a better picture for landlords and owners of apartment or condo! Stay tune for more in our upcoming blogs.