Despite a recent decrease in inflation, the cost of rent and mortgages continues to be a major concern for Albertans. According to the latest data from Statistics Canada, the annual inflation rate in Alberta dropped to 3.1% in July, down from 3.6% in June. However, this slight decrease has not translated into relief for those struggling to afford housing in the province.
The average rent for a two-bedroom apartment in Calgary has increased by 4.2% since last year, reaching an average of $1,247 per month. In Edmonton, the average rent for a two-bedroom apartment has also risen by 3.6%, reaching $1,168 per month. These numbers are significantly higher than the national average, which saw a 1.4% increase in rent prices.
For those looking to purchase a home, the situation is not much better. The average price of a home in Calgary has increased by 6.6% since last year, reaching $485,000. In Edmonton, the average home price has risen by 4.5%, reaching $375,000. These rising costs are making it increasingly difficult for Albertans to enter the housing market or upgrade to a larger home.
Experts attribute the high cost of housing in Alberta to a combination of factors, including a growing population, low vacancy rates, and a lack of affordable housing options. The COVID-19 pandemic has also played a role, with many people moving to Alberta from other provinces in search of job opportunities and a lower cost of living.
The impact of these rising costs is being felt by many Albertans, particularly those on fixed incomes or with lower-paying jobs. The Alberta Council of Women’s Shelters reports that the high cost of housing is a major barrier for women and children fleeing domestic violence, as they struggle to find safe and affordable housing.
In response to these concerns, the Alberta government has announced plans to invest $1.2 billion in affordable housing over the next four years. This includes funding for new affordable housing units and renovations to existing units. However, some critics argue that this is not enough to address the growing housing crisis in the province.
In conclusion, while the recent decrease in inflation may provide some relief for Albertans, the high cost of rent and mortgages continues to be a pressing issue. With the government’s commitment to investing in affordable housing, it is hoped that steps will be taken to address this issue and provide more affordable housing options for all Albertans.
