How much has rent increased in Alberta?

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David Dale-Johnson, stan melton chair in real estate at the Alberta School of Business at the University of Alberta, said a mix of factors pushed demand and prices up in Alberta, including population growth driven by immigration, as well as high interest rates.

“A consequence of high mortgage costs is it causes people to shift from homeownership, or people who might consider buying a home, to go into the rental market to wait for lower rates. And you also have people who get in trouble because they’re overstretched with their mortgages and have to sell or choose to rent out their property and go and rent themselves in order to survive with their lender,” said Dale-Johnson.

He added remote work, influenced by the post-COVID environment, had also made out-of-the-way towns attractive. “I think the consequence of that is a lot of these smaller communities are more affordable, more attractive places to live. And people are saying, ‘Let’s go live in community X because I can work from home, they’re safer, they’re more fun, they’re close to ski areas’ – all of the above,” he said.

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