While the average rent of a one-bedroom apartment dropped by 1.4 per cent across the country, the Grande Prairie rental market is on a course of its own, according to one expert.
Content Director for Rentals.ca Paul Danison says rural one and two-bedroom apartment prices have gone up month over month from April to May, with one-bedroom currently at a $950 average and $1,306 the average listed price for a two-bedroom in the city. He says several factors could be involved when it comes to price in the Peace Country.
“Either Grande Prairie is getting fewer seasonal workers because of the oil and gas situation, so fewer one-bedrooms are being rented,” he explains. “Along with the fewer seasonal workers, the border [is] closed, fewer immigrants, we also see many college students living at home with their parents, graduates unable to get a job living at home, and even recent graduates laid off, or furloughed, coming back home.”
Danison adds with the restrictions related to COVID-19 slowly starting to lift, the demand may catch back up with the supply, and prices may start to claw back down towards the national average.
“I think they’re starting to get back to normal… flights are coming back to Edmonton… with summer coming I think people are starting to get back to work little by little. People who put off a move earlier may now be moving… or at least thinking about moving.”
Danison suggests people who were either laid off and are looking for more affordable housing, or those who were able to continue to work, are looking to find cheaper accommodations than previously affordable.
