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By Liam Verster
Rent Down

Rental rates in Grande Prairie decline in February; one-bedroom rates down 10 per cent

Mar 19, 2021 | 12:48 PM

The average rental rates for one- and two-bedroom units in the Swan City saw declines in February.

Data from Rentals.ca shows the average rent for vacant one-bedroom units in Grande Prairie fell from $971 in January to $874 in February, while two-bedroom unit rates dropped from $1,123 to $1,100 in the same period of time.

Those changes translate to a 10 per cent decline in rates for one-bedroom units, and a two per cent decrease for two-bedrooms.

On a year-over-year comparison, the rates are down 14.2 per cent for one bedrooms and 8.4 per cent for two bedrooms.

Though he couldn’t pinpoint exactly one reason for the steep drop in prices, content director at rentals.ca Paul Danison says that isn’t completely off-base with what they are seeing across the country.

“Overall, we are seeing people move away from the smaller units and try to find larger units, so they can add an office or have more space,” explained Paul Danison, content director at rentals.ca. “Especially as they work from home.”

The National Rent Report produced by rentals.ca charts and analyzes monthly, quarterly and annual rates and trends in the rental market on a national, provincial, and municipal level across all listings in 35 cities across Canada.

With that, the firm says Grande Prairie was the third cheapest in Canada for a one-bedroom unit, only more expensive than Quebec City ($873) and St. John’s ($865).

Danison says with the continued distribution of COVID-19 vaccines promising a greater sense of normalcy, those thinking about jumping in the rental market should consider doing it soon, as prices could rise as we head into the spring and summer.

“Now is a good time to get a good price on a one-bedroom, or probably even a two-bedroom, as we don’t know when the bottom is going to hit on this,” said Danison. “Certainly, the prices and the deals are better than they’ve been in a long time.”

Across Alberta, Calgary topped the list for one-bedroom rates, sitting in 23rd across Canada. Fort McMurray (27th), Edmonton (28th), Lethbridge (30th) and Red Deer (32nd) were also included in the report.

Nationally, the average asking price for all properties listed on Rentals.ca last month was $1,714 per month. That’s down six per cent from $1,823 in February 2020.

According to the National Rent Report, since hitting a high of $1,954 in August 2019, the average monthly rental rate has steadily declined, now down $240 from the peak. However, month-over-month, the average rate was unchanged.

The average monthly rate has been down year-over-year in 12 of the last 13 months. Last month’s decline of six per cent is the lowest annual decrease experienced in the last nine months.

Vancouver is still the most expensive city for renters in Canada looking for one-bedroom units ($1,891 per month on average) and two-bedroom units ($2,568 per month on average).

(With files from David Opinko, Lethbridge News Now)

by Liam Verster