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Lethbridge News Now file photo
By Shaun Penner
National Rent Report

Grande Prairie rental rates up month-over-month, down year-over-year

Jan 18, 2021 | 4:53 PM

According Rentals.ca, it was cheaper in December of 2020 to rent either a one- or two-bedroom unit in Grande Prairie than it was at the same time in 2019.

The firm released its monthly National Rent Report for last month, which found average prices for a one-bedroom rental were down 1.1 per cent from December 2019 to $985, while average rates for a two-bedroom unit were down 4.9 per cent to $1,154 per month.

However, those rates were both an increase over November 2020 figures, rising by 2.7 and 3.3 per cent, respectively.

While rental rates on a year-over-year basis are down, Paul Danison with Rentals.ca says the increase from November to December could be a sign the rental market is slowly bouncing back to normal.

“I think as we get control of COVID things will start to get better,” says Danison.

Of the 35 Canadian cities surveyed as part of the report, Grande Prairie ranked 28th in the nation for the highest rental price. Vancouver ranked first in Canada as the most expensive city to rent, while Calgary topped Alberta cities in average price, ranking 23rd in the country.

Overall, rental rates across Canada were down 7.1 per cent. Danison says while this might seem like a large number, it’s actually an improvement.

“Seven point one per cent is the lowest it’s been down since May. I know since back in May it’s been down more than 7.1 per cent. This shows, again, that maybe things are beginning to turn around a little bit.”

In Alberta, Grande Prairie’s average rental prices are lower than both Calgary and Edmonton, but higher than Lethbridge (29th), Red Deer (30th) and Lloydminster (35th).

Provincially, Rentals.ca says Alberta’s average monthly rent was down in 2020 to $1,227 from 2019’s $1,272. They note condominium apartments across Canada took the biggest hit in average rents in 2020, falling 18.5 per cent annually to $2,009 per month, which is down from $2,465 per month in December of 2019.

Average rental rates for other Alberta city’s for December 2020 are as follows:

  • Calgary (23rd)
    • One bedroom: $1,178
    • Two bedrooms: $1,470
  • Edmonton (27th)
    • One bedroom: $1,027
    • Two bedrooms: $1,262
  • Grande Prairie (28th)
    • One bedroom: $985
    • Two bedrooms: $1,154
  • Lethbridge (29th)
    • One bedroom: $950
    • Two bedrooms: $1,106
  • Red Deer (30th)
    • One bedroom: $930
    • Two bedrooms: $1,000
  • Lloydminster (35th)
    • One bedroom: $742
    • Two bedrooms: $896
by Shaun Penner