STAY CONNECTED: Have the stories that matter most delivered every night to your email inbox. Subscribe to our daily local news wrap.
By Liam Verster
$917 for a 1BR, $1,123 for a 2BR

Grande Prairie rental rates down in January

Feb 18, 2021 | 12:05 PM

The average rental rates in the Swan City saw declines in January from December, and are well below the rates recorded in the same month last year.

Figures from Rentals.ca show the average rent for a one-bedroom unit was $971 in January, while rents for two-bedroom units averaged at $1,123. Those rates represent a month-over-month decrease of 1.4 per cent for one-bedroom and a 2.4 per cent decline for two-bedroom units. Those rates are also 6.8 per cent and 7.4 per cent lower than the average rents from January 2020.

The figures also show apartment and condominium rental rates fell 4 per cent year-over-year to $1,084.

The changes in the rates mean Grande Prairie is now ranked 30th out of 35 cities in Canada for one-bedroom rates, and 31st for two-bedroom rates.

Paul Danison, the Content Director for Rentals.ca, says this year has seen rates fluctuate a bit, but they have mainly been down because of the ongoing COVID-19 pandemic and its impact on the economy and the unemployment rate.

Danison says that impact, along with a high vacancy rate, and the tendency to have fewer people moving during the cold months, makes it a good time to find new accommodation.

“I would say that this month and maybe next month, and maybe all the way extending through April, is probably going to be, if people have a job and have the money, would be a good time to rent and get good deals because rents are down. Even though the real estate (sector) finished strong last year, it’s still a buyers market and still a renters market,” says Danison.

READ MORE: Vacancy rates in Grande Prairie rose to 9.6 per cent in 2020

He adds that people who have been moving in the past year have mostly been downsizing, which, along with more units coming back on the market after being built or renovated, means there is more supply than demand.

Danison adds that the market is likely to remain more beneficial to renters until the COVID-19 pandemic turns a corner.

“I think it’s going to take some time, I don’t think that we’ll all of a sudden just come out of this when COVID-19 slows down and is over or vaccines are in arms, it’s going to take a little while to recover,” says Danison.

He adds that people tend not to move in the colder months, and doesn’t expect to see any noticeable increases in rental rates until the summer.

The declines in rent weren’t just felt in Grande Prairie. As a whole, Canada’s average rent for all available units for January 2021 was recorded at $1,714, which is a decline of 8.7 per cent on a year-over-year basis.

The average rent for all available units in Alberta remained fairly flat at $1,243, which translates to an average rent per square foot of $1.56.

by Liam Verster