CityNews Edmonton: Report suggests rent prices will rise

A new report from the Canada Mortgage and Housing Corporation (CMHC) shows that rent is set to rise across the city, as demand for affordable rentals is set to increase over the next few years.

“We’ve seen vacancy rates for units less than 750-849 see some of the largest declines in 2022 and those ranges would be considered affordable,” said Taylor Pardy, market analyst with CMHC.

With inflationary pressures — rising mortgage rates are keeping would-be homeowners out of the market.

“Some of the people who may have been planning on getting on into the ownership side are delaying those purchases. We’re seeing the sales side of the market slowdown,” said Pardy.

Those who advocate for renters in Alberta agree — saying prices have risen exponentially.

“The average rent price for a one-bedroom rental in our city has risen 27 per cent in the last year and the average two-bedroom in Calgary is about $1,900 a month,” said Fable Dowling, ACORN Canada.

With provincial inflation relief primarily targeting homeowners in Alberta, Dowling says he feels the UCP is favouring homeowners and landlords.

In Alberta and across the country, Dowling and ACRON are calling for rent control.

“I’ve heard stories of $500 to $1,000 rent increases. We’re really seeing these rents increase by ludicrous amounts because there is no rent control.”

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Written by Darcy Ropchan for CityNews Edmonton