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Grande Prairie rental prices down year-over-year

Despite a small uptick in June, the average rent in Grande Prairie is reportedly down year-over-year. According to Rental.ca, rent in the Swan City is currently averaging $965 for a one-bedroom unit, with a two-bedroom unit clocking in at $1,175.

During the same time period in 2019, it was reported the rental prices for a one-bedroom would set a tenant back around $1,057, and a two-bedroom around $1,256.

Content Director Paul Danison says it’s not surprising to see the average price of rent go down, as it is the case with municipalities across Canada. However, he says Grande Prairie’s situation remains unique when it comes to how long the drop may last.

“It’s hard across Canada because of the pandemic, but when you add the oil crisis it makes it harder,” he explains. “It’s difficult to know, but, when oil comes back, and the pandemic kind of goes away, I think things will change, because Grande Prairie is obviously a good place to be, and there will be good jobs.”

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Danison adds potential buyers and renters may not want to get ahead of themselves if looking for a new place to live, as it’s expected to be quite a long time before the market, either renters or buyers, will stabilize.

“We’re kind of hoping by maybe the end of the year, things looking better when maybe a [COVID-19] vaccine is developed.”

Other major Alberta cities have seen a slight increase in rental prices, with Edmonton and Calgary averages hovering around $1,045 and $1,164 for a one-bedroom unit respectively.

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