Rents fall in Calgary as supply grows

Reviews and recommendations are unbiased and products are independently selected. Postmedia may earn an affiliate commission from purchases made through links on this page. Average rents declined in Calgary in April, continuing with a six-month trend of falling rental rates, a new report has found.

Liv.rent published its April report , finding that rent for a one-bedroom, unfurnished suite fell less than one per cent month over month to $1,545 a month. The average cost is down more than seven per cent from November.



All regional markets in the city saw month-over-month declines in rental costs, except for the northeast and northwest. The northeast saw the largest increase for a one-bedroom, unfurnished suite, up nearly three per cent. The largest percentage decline was in the southeast at more than four per cent.

The furnished rental market saw even less demand for suites in April. The average price of a one-bedroom furnished suite fell nearly four per cent to $1,622 a month. The report noted that the Bank of Canada kept the overnight policy rate steady in April at 2.

75 per cent after expectations it might cut the rate more, continuing a trend since last June. One reason for further cuts would be the economic impact of the U.S.

trade policy imposing tariffs on Canadian exports to south of the border. Falling rates are considered a tailwind for home ownership, lowering borrowing cost, and in turn, a headwind for the rental market as renters may be able to make the jump to homeownership. Edmonton’s rental market also appeared to cool.

It did see average rents jump month over month in April for one-bedroom furnished apartments, up nearly one per cent to $1,489 a month. Yet rent is still down about six per cent from November. What’s more, average rent for unfurnished suites fell with the mean rental price hitting $1,300, down about four per cent month over month.

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