By Liam Verster

July Rental Rates

Grande Prairie’s rental rates rise in July, remain below 2019 figures

Aug 20, 2020 | 1:23 PM

The rental rates in Grande Prairie for both one- and two-bedroom units increased month-over-month in July, but were still below the figures recorded in 2019.

Data collected on vacant units in the Swan City by rentals.ca shows the average price of a one-bedroom unit was going for $995 and a two-bedroom listed at $1,193 in July.

Paul Danison, Content Director for rentals.ca, says those numbers are up slightly from June, when a one-bedroom unit was listed at $965, and two-bedroom units were going for an average $1,175.

The $30 difference is a much bigger change than what has been seen in the previous months, as prices slowly rose following COVID-19 lockdowns. Danison says there are a few factors that may have played into the rate increase.

“I think that the good weather, people not moving in the spring are thinking about moving now, so rates are going up a little bit. I think you also have, from what I understand, fewer buildings being built too, that was down like 67 per cent, so the stock isn’t quite what it used to be.”

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He adds that while the unemployment rate in July was 14.1 per cent in the Peace Region, it is two per cent less than the rate recorded in June, which may have also attributed to the change.

Year-over-year, those figures are still down. In July 2019, rents in Grande Prairie were averaged at $1,054 for a one-bedroom and $1,253 for a two-bedroom units.

With the change, Grande Prairie moved up rentals.ca’s Rent Report list, ranking 27th of the 32 cities surveyed.

A very slight up tick in rental rates was seen across Alberta, where the average rent rose from $1,220 in June to $1,228 in July. The national average saw just a $1 increase over that same period, going from $1,770 to $1,771.

Danison says across Canada, the rates for one- and two-bedroom units are climbing, but rent is still down for high-end condos, single family homes and higher priced rentals, which played into the very small increases in provincial and national averages, as those are both averages of the entire stock of vacant rentals.

He adds that, because interest rates are so low right now, more people may be moving from renting to owning, which could mean freeing up rental stock and slowing the rise in rents.

Danison adds that while rent across the country is rising, he doesn’t expect to see any drastic changes in the coming months, though the rental market will rise and recover more as people go back to work and life returns to a somewhat more normal routine.

“We think the economy is starting to get on the move, people are starting to get on the move, rental markets are starting to make a change too.”