By Liam Verster

Rental Market

Rental Rates in Grande Prairie still well below 2019 average

Sep 16, 2020 | 8:37 AM

While rental rates in Grande Prairie have seen some slight changes over the past months following the COVID-19 lockdowns, the rates are still well below those of 2019.

New data from Rentals.ca, which calculates the average rental rate for vacant properties in cities across Canada, shows that the average one-bedroom unit in Grande Prairie was going for $1,008 in August 2020, while a two-bedroom unit’s average monthly rent was $1,181.

While the rate is fairly flat between July and August, with one-bedroom rents increasing $13 and two-bedroom rents decreasing $12 over the course of a month, the rates are well below the averages recorded in the Swan City in August 2019. The average rent for a one-bedroom unit was down 5.6 per cent year-over-year, while a two-bedroom unit was down 6.8 per cent.

Paul Danison, the Content Director for Rentals.ca, says the rental rates fell in the early spring as the price of oil plummeted and the COVID-19 pandemic forced lockdowns, and there are many other factors now playing a roll in keeping those rates down.

“The unemployment rate is high, so people are either not moving or they’re moving down, you don’t have the immigration, you don’t have the international students, and a lot of the students aren’t going back to school and staying home. So a lot of little factors going on, but I think in Grande Prairie, more than just about anything, it’s the oil and the pandemic still have an effect on the economy.”

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Danison adds that as employment starts to rise, it’s likely that the rental rates in Grande Prairie will as well, as the rental stock isn’t sufficient enough to make an impact on the rental market.

Rentals.ca also compiles a monthly list of average rent prices of cities across Canada, and in August 2020. Out of the 40 cities on the list, Grande Prairie was ranked as 32nd for the price of a one-bedroom, and 34th for a two-bedroom.

The data collected by Rentals.ca also shows that rental rates didn’t change much across Alberta either in August, with the average rent of all vacant property types was $1,206. However, that is still 6.6 per cent lower than the average recorded in August 2019.

Meanwhile, the national rental rate has been fairly stable over the last three months, and was averaged at $1,769 this August. However, that’s still down 7.6 per cent from last year.