By Liam Verster

rental market

Grande Prairie’s average rental prices see big drop in April

May 14, 2020 | 1:18 PM

A full month of COVID-19 lockdowns and business closures has had an impact on the rental markets across Canada, including in Grande Prairie.

According to figures provided by Rentals.ca, the average rent for a one-bedroom apartment within the City of Grande Prairie fell 10.8 per cent to $934 in April, compared to March, when the average price was $1,047.

The average price of a two bedroom rental also dropped from $1,221 in March to $1,201 in April, a change of 1.7 per cent.

Paul Danison, the Content Director with Rentals.ca, says while there are communities and areas across the country that didn’t see a change, most of Canada did see rates drop as the pandemic caused businesses to temporarily close and lay off workers.

He adds that Alberta, when compared to the other big provinces, saw the biggest drop in average rent prices, with a 5.7 per cent decrease.

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“Ironically, Alberta’s done pretty well with the [COVID-19] cases, but I think because of the economy there, the oil, gas, supply chain type things, that it’s really kind of hurt Alberta economically as bad as any other provinces.”

Danison also adds that, though the COVID-19 restrictions are starting to be lifted and the economy is reopening, this trend of declining rates is expected to continue until the economy can ramp up again.

“I think [the market] will be flat or down until people are out there for a little while. I think people will be cautious, probably won’t be quite as many people moving right away, waiting to see what happens. Fortunately in Grande Prairie, you’ve not really had that many cases [of COVID-19], but again, because of the economic factors, it’s really hurt the City.”

He adds that this month of lockdown is going to have an interesting impact on renter-owner relations, with more virtual tours, leases and payments, and cleaning apartment buildings is going to see a change for the better.

“Not only do you have to clean them now, but you have to keep them safe. There will be a lot more cleaning of elevator buttons and handrails and door knobs and that kind of thing. I think we’re going to come out of this and it’s going to be a little bit different, well a lot of things will be different, but I think it will be a little bit different for landlords and property managers.”

Rentals.ca stats and figures are based on vacant units and their rates, and not the rates that may have been changed as renters and owners find ways to get through the COVID-19 pandemic.