The Canada Mortgage and Housing Corp.’s (CMHC) fall rental market report has revealed Calgary to have the highest rents of any metropolitan area in the country as of October.
Calgary’s average monthly rents went up to $1,322 for a two-bedroom unit. The price is 8% up from last year.
Meanwhile, Vancouver and Toronto’s average rents are $1,311 and $1,251, respectively.
“For people earning in that $25,000 to $40,000 income bracket, these are rents that are just out of reach,” Metro News quoted Calgary Chamber president Adam Legge
“It makes it increasingly difficult for people in those occupations of lower wage to stay in Calgary or to attract someone to Calgary with those kinds of incomes.”
He also called for the approval of the secondary-suites reform package in order to ease the city’s tight rental market.
Levi Nilson of the University of Calgary Students’ Union echoed the calls of Legge for councillors to approve the package.
“A lot of students live in those wards and near transit,” Nilson said. “So, we’re happy that something happened.”
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