Rental prices in Calgary saw the biggest drop in Canada last year: report

For rent sign (Getty Images stock photo)

Calgary had the greatest decline in rental rates in all of Canada last year, according to a new report.

The January 2025 rent report from Urbanation and Rentals.ca says that after posting the fastest rent growth among Canada’s largest markets in 2023 with a 14 per cent annual increase, Calgary’s apartment rents declined the most in 2024 with a 7.2 per cent drop.

The overall average rent in Calgary – including studio to three-bedroom condos and apartments – sat at $1,921 in December 2024, according to the report.

It means Calgary has the 16^th highest average rent in Canada.

Vancouver, B.C., Toronto, Ont. and Mississauga, Ont. placed first, second and third respectively.

The report notes that last year was the first time in two years that Calgary's average apartment rent had fallen below Montreal's (15).

"The rental market softened across most parts of the country last year following record-breaking growth in 2022 and 2023 and amid multi-decade highs for apartment completions, slowing population inflows, and a weakening economy," said Shaun Hildebrand, president of Urbanation, in a news release.

"Current trends suggest rents may experience further decreases in 2025, which so far have been focused on secondary market units. However, any rent declines should be temporary and remain minimal mostly due to a long-term undersupply of rental units in the country, with rents set to accelerate in the coming years as the current slowdown in construction works to restrict supply."

Calgary rental rates 

According to the report, the average asking rent for a one-bedroom in Calgary was $1,606 last month, down 1.7 per cent per cent from the month prior.

Meanwhile, the average asking rent for a two-bedroom rental in Calgary was $1,933, down 1.6 per cent.

Edmonton rental rates 

The average asking rent for a one-bedroom in Edmonton was $1,328 last month, down two per cent per cent from the month prior.

Meanwhile, the average asking rent for a two-bedroom rental in Edmonton was $1,655, down 1.3 per cent.

Lethbridge rental rates 

The average asking rent for a one-bedroom in Lethbridge was $1,366 last month, down 1.5 per cent per cent from the month prior.

The average asking rent for a two-bedroom rental in Lethbridge was $1,529, down five per cent.