Edmonton may be one of the cheaper cities for rent in Canada, but will that continue?
Posted February 15, 2024 4:03 pm.
Last Updated February 15, 2024 7:51 pm.
A recent report shows the city had the highest increase in rent out of any major city in the country.
“It’s kind of a stressful thing to think about even if it doesn’t happen with me,” said one Edmontonian CityNews spoke to.
And they’re not the only one worried about increasing rents.
According to the report by Rentals.ca — Edmonton is cheap. Way down the list of rental costs in Canadian cities, sitting at 32nd most expensive for average rental costs.
But things are changing. Alberta has seen a rental increase by almost 18 per cent since last year, with Edmonton leading the way with the fastest-growing rent growth in the country.
“It’s hard to find an apartment for less than $1,200 as a solo person. I think it’s also dangerous because it may force people to stay in relationships because they can’t afford to go rent on their own,” explained Nel Renee, who has rented for five years.
Realtors have been saying over recent years that it’s becoming almost as difficult to rent as it is to own a home, with mortgages and rental rates around the same cost monthly.
“You know those people who think they’re better off still renting a one or two bedroom. People who have been renting for over $2,200 a month. Those people who can afford that kind of rent, they definitely want to get into a home now,” said Dorothy Cornel, a realtor.
The Canadian Mortgage and Housing Corporation says housing starts have decreased 10 per cent across the country in January of this year. The Conservative Party in Ottawa pointed to those decreases on Thursday, as the main reason for high rent and house prices across the country.
Those living in Edmonton say if it keeps up, they’re not sure they’ll be able to keep a roof over their head, never mind owning a house.
“No not at all, it’s really scary as a young person because I feel like I have no hope to buy a house because all my money goes to rent,” said Renee.