By Liam Verster

Rental Rates

Grande Prairie sees rent slightly rise for both one and two bedroom units in April

May 14, 2021 | 12:22 PM

For the first time in 2021, rental rates for both one- and two-bedroom units in Grande Prairie saw month over month increases in April.

Based off data from vacant rental properties collected by Rentals.ca, the average rent for one-bedroom units in the Swan City increased one per cent from $897 in March to $906 in April, while rent for a two-bedroom unit rose two-and-a half per cent from $1,089 to $1,115.

Paul Danison, the Content Director for Rentals.ca, says it’s still a renters market, but the increase does indicate that the market is on the way up again.

“It’s the time of year when people start looking to move and people might be moving a little bit more because they’re maybe trying to time the market and get a better deal. (The) unemployment rate maybe is about the same that it was, but we can only hope things will pick up in that area,” says Danison.

He adds that the third wave of COVID-19 has hurt the province, but as more vaccines are administered and people get back to work, the rates will likely continue to climb.

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Rentals.ca collects data from vacant rental properties across Canada, and then compiles the figures into monthly reports and a list of rates.

In April 2021, Grande Prairie ranked 34th out of 35 cities in Canada surveyed for one-bedroom rates, with only Lloydminster’s rates lower for the month ($786). Grande Prairie ranked 31st out of 35 for two-bedroom rates.

Despite the month over month increases, the average rents in Grande Prairie are still below last year’s figures. One-bedroom units are down 2.9 per cent compared to the $934 recorded in April 2020, while two bedroom rates are 7.1 per cent lower than the $1,201 from last April.

Alberta as a whole saw the average rent increase by 0.2 per cent month over month to $1,150.

Rentals.ca also found that Alberta has the biggest discrepancy between rates for furnished ($1,649) and unfurnished ($1,191) units. That 38 per cent difference in rates is the highest in the country, followed by British Columbia (28 per cent difference), Ontario (eight per cent), and Quebec (seven per cent).

Danison also says the trend of people moving into bigger units to create home offices and at-home learning spaces continued through April.

He points to figures from Toronto, which he says is indicative of the face that people are looking for that extra space.

“We saw the average rent for 600 square foot and 700 square foot units down 20 per cent quarter over quarter. Yet units 1,600 square feet and larger has seen a rate increase of four per cent annually,” said Danison.

“I think that just goes to show there’s more people looking for larger places and the rents are a little bit higher, but the smaller places, the rents are down, and they’re a little bit more difficult to rent for landlords than the larger places.”

Meantime, the average rental rate for all Canadian properties was down one per cent month over month and nine per cent year over year at $1,675 in April 2021.