Why Calgary Stands Out as One of Canada’s Most Affordable Rental Markets

As we step into 2025, it’s worth taking a closer look at the rental market trends across Canada and how they highlight Calgary as an incredibly affordable place to live. For those considering a move to this vibrant city or current residents exploring their options, Calgary’s rental landscape offers unique advantages compared to other major markets across the country.

National Trends in Rental Markets

Last year, Canada experienced a notable shift in the rental market. Average asking rents for all residential property types dropped 3.2% by the end of 2024, landing at a 17-month low of $2,109 in December. This decline marked the first annual decrease in rents since 2020. In contrast to previous years of rapid rent growth—8.6% in 2023 and a staggering 12.1% in 2022—2024 signaled a cooling period for the market. This trend has been attributed to a combination of factors, including increased housing supply, changing economic conditions, and evolving tenant demands.

Calgary: A Refreshing Exception

Among Canada’s largest cities, Calgary stood out for its remarkable affordability. Average apartment rents in Calgary fell 7.2% in 2024 to $1,921, making it more budget-friendly than Montreal ($1,998), Ottawa ($2,165), Toronto ($2,632), and Vancouver ($2,882). This significant decrease in Calgary’s rental prices followed a sharp 14% increase in 2023, showcasing the city’s adaptability and value for renters.

Notably, Calgary’s three-bedroom apartment rents saw the largest decline among Canada’s biggest markets, dropping 8.2% to $2,420. This affordability is a compelling reason why families and professionals continue to see Calgary as an attractive option. The drop in rents reflects a healthy rental market that balances demand and supply while offering competitive pricing compared to other metropolitan areas.

Comparing Calgary to Other Markets

In contrast to Calgary, cities like Toronto and Vancouver remain among the priciest markets. Vancouver’s average apartment rents dropped 5.8% last year but still hover at $2,882, the highest in the country. Similarly, Toronto rents fell 7.1% to $2,632, maintaining its position as one of the most expensive rental markets in Canada. These cities face unique challenges, such as limited housing supply and higher demand, which keep their rental prices elevated.

Meanwhile, smaller markets in Alberta, such as Edmonton, experienced a 2.7% increase in rents, highlighting Calgary’s unique position as a city offering both urban amenities and financial accessibility. For individuals and families seeking to relocate within Alberta or from other provinces, Calgary represents an appealing alternative that combines affordability with a high quality of life.

What Makes Calgary Unique?

Calgary’s rental market reflects its broader economic stability and quality of life. The city offers:

• Affordable Living Costs: Despite being a major urban center, Calgary’s overall cost of living remains lower than other Canadian cities, allowing residents to enjoy a higher standard of living. Groceries, transportation, and utilities are all reasonably priced, making everyday expenses manageable.
• Strong Job Market: Calgary’s diverse economy, driven by industries like energy, technology, and agriculture, continues to attract professionals seeking career opportunities. The city also fosters innovation and entrepreneurship, creating a dynamic job market with room for growth.
• Vibrant Lifestyle: From its proximity to the Rocky Mountains to a thriving cultural scene, Calgary offers something for everyone. Residents can enjoy world-class outdoor activities, festivals, and a growing culinary landscape. The city’s emphasis on community and inclusivity adds to its charm.
• Infrastructure and Accessibility: Calgary’s efficient public transportation system and well-planned neighborhoods make it easy to navigate and settle into the city. Whether you’re commuting to work or exploring recreational activities, Calgary offers convenience and connectivity.

Why Renters Are Choosing Calgary

For many renters, affordability is only part of the equation. Calgary also provides a sense of community and stability that is hard to find in other large cities. The availability of quality rental options at reasonable prices means that renters can focus on building their careers, enjoying leisure activities, and planning for the future without feeling financially strained.

Additionally, Calgary’s steady economic growth has contributed to a sense of optimism among its residents. The city’s commitment to sustainability, innovation, and urban development ensures that it remains a forward-thinking and attractive place to live.

Future Outlook for Calgary Renters

As we move forward, Calgary’s rental market is expected to remain stable and affordable compared to other major cities in Canada. The city’s proactive approach to housing development and urban planning helps keep supply in line with demand, preventing drastic fluctuations in rental prices. For those considering relocating or looking for rental opportunities, Calgary provides an excellent balance of affordability, lifestyle, and opportunity.

Whether you’re a young professional, a growing family, or someone seeking a fresh start, Calgary stands out as a city where you can thrive without breaking the bank. With its vibrant culture, strong economy, and commitment to affordability, Calgary continues to be a top choice for renters in Canada.

Source: Rentals.ca National Rent Report