By Quinn Patrick
Calgary is a city that is becoming increasingly difficult to live in when it comes to the cost of housing; even finding a place to rent is a challenge unto itself.
The Trudeau government has expanded its immigration targets which has not only brought more people to the city but also caused a spike in interprovincial migration.
The pandemic also played a role in people wanting to move to cities that can offer a larger living space, adding pressure to cities like Calgary.
In Calgary, the average rent for a two-bedroom apartment rose by 14.5% in July compared to July 2022, a higher spike than seen in Toronto, Vancouver or Montreal. Citywide, rents have gone up by 25%, according to data from the City of Calgary. Rent for a two-bedroom place had previously only increased by 16.3% from 2012-2021.
In order to afford a two-bedroom apartment, one would have to earn $29.51 per hour which is almost double the minimum wage in Alberta.
According to the Calgary Real Estate Board (CREB), median home prices are also on the rise, up almost 16% from 2021, whereas they had only increased 28% over the previous 10 years.