Calgary sees rents fall, but affordability remains elusive

A thriving population hasn’t shielded Calgary from a slump in asking rents for new leases, a trend observed across Canada’s largest urban centres. Since its peak in July, when the average asking rent reached a record $2,111, according to rentals.ca, the average rate for vacant units has dropped by eight per cent in the prairie city.

While this shift has been attributed to the success of federal policies that support the construction of purpose-built rentals, as well as the introduction of immigration caps, Calgary tenants renewing their leases are yet to experience a reprieve.