If you’re looking for an affordable place to rent in Alberta’s major cities, it’s becoming a challenge.
The average rent price in Alberta and across Canada has significantly increased over the past two years. Current data showed that the average rental property’s monthly rate increased by 20% from two years ago. The year-over-year increase in Alberta for a one-bedroom has risen by 13%, a two-bedroom has ballooned by 14.8%, and a three-bedroom has gone up by 7.3% in the province.
When it came to the two biggest cities in Alberta, the average rent prices for a one-bedroom in Calgary was $1,573 and $1,129 for Edmonton, according to a Rentals.ca report.
A few factors contribute to Alberta’s rent increases, the most significant being an increase in mortgage rates and supply & demand.
“For Edmonton in particular, we are anticipating some stronger rental demand,” Taylor Pardy, senior market analysis for the Canada Mortgage and Housing Corporation, told Global News. “Part of the reason behind that is rising mortgage rate… it may result in some people delaying their purchasing decisions and perhaps staying in a rental longer.
Right now is a good time to buy your first home. Buying a home offers a sense of stability and security for you and your family, as it provides a place to call your own and build your life around. It also allows you to start building equity in a property, which can help you generate wealth over time.
While buying a home is a significant investment, the current rental market conditions suggest that now could be an excellent time to take the plunge. It may be time to consider purchasing your first home and achieving that dream of homeownership. Start building equity today and investing in your future.
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