By Abby Zieverink

February 2022

Grande Prairie average rent rate in February 2022 among most affordable in Canada

Mar 16, 2022 | 11:38 AM

Rentals.ca says the average rental rate for one and two-bedroom units in the Swan City was among the most affordable across the country for February 2022.

According to the website, Grande Prairie landed 34th on a list of 35 Canadian cities for average rent for a one-bedroom last month at $883 and 33rd for average monthly rent for a two-bedroom at $1,084.

On that same list, Red Deer followed closely behind in February for a two-bedroom at $1,050 per month, with Lloydminster reporting the least expensive rates on that list finishing last for average monthly rent for a one-bedroom home at $739, and a two-bedroom at $851.

Average monthly rents in Grande Prairie in February have changed little year-over-year and monthly for one and two-bedroom homes. Condo rentals and apartments dropped four per cent year-over-year in February to $1,023 after seeing the average monthly rent decrease five per cent in February 2021 to $1,062.

The annual average rent for February 2022 lagged in Alberta while, while it rose in Ontario, British Columbia, and Quebec. Across the province, the average rent rate decreased to $1,224 last month, from $1,240 in February 2021.

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The average rent for all Canadian properties listed on Rentals.ca in February was $1,820 per month, an increase of 6.2 per cent annually.

This is the sixth consecutive month the average asking rent for all property types has shown an increase year over year based on Rentals.ca listings, following 16 consecutive months of annual decline. Over the last five months, annual increases ranged between 1.6 per cent in October 2021 and 6.2 per cent in February.

“The rental market overall in Canada continues to trend upward in the post-vaccine pandemic period, with continued strength in the market for larger suites,” said Ben Myers, president of Bullpen Research & Consulting.

Rental rates could continue to push higher in the near future because of increasing demand reinforced by supply chain disruptions, record inflation, increasing interest rates, and much higher gas prices.