Five Things Newcomers to Canada Need to Know About Housing in Alberta

Alberta has experienced a population boom, fuelled by immigration and migration within Canada, that has impacted housing and rent prices in that province. We've come up with five things that Newcomers to Canada and international students need to understand about rental housing and living in Alberta.

Alberta is popular with newcomers to Canada. The province's population growth rate led the country in 2024.

According to annual population estimates released by the Office of Statistics and Information, Alberta was home to 4.8 million people as of January 1, 2024. That is 4.4 percent higher than the same time in 2023 and amounted to 202,324 new people.

Here are the main and most populated cities in Alberta:

Calgary. 1,019,942.
Edmonton. 712,391.
Fort McMurray. 76,000.
Red Deer. Alberta. 73,593.
Lethbridge. Alberta.70,617

In July, The Economic Intelligence Unit (EIU) named Calgary as the fifth most livable city in the world, ahead of Vancouver (7th) and Toronto (12th).

Five Things to Know About Housing in Alberta:

Housing in Alberta is cheaper than in Toronto or Vancouver

1 - RENT PRICES IN ALBERTA:

According to the recent Rentals.ca National Rent Report, Calgary had the highest rents in the province in December 2024. The good news for newcomers is that rent prices in Calgary are falling. A one-bedroom in Calgary in December 2024 cost $1,606, down 6% from December 2023. A two-bedroom in Calgary, popular with newcomers, costs $1,933, down 7.2%.

Compare that to Vancouver, where a one-bedroom rented for $2,512 in December, or Toronto, at $2,360, and you can see why Alberta is still considered affordable for newcomers and international students.

A one-bedroom in Edmonton in December costs $1,328 (up 3.3% from a year earlier), and a two-bedroom costs $1,655. A one-bedroom in Lethbridge costs $1,366, and a two-bedroom costs $1,529.

According to Zumper, the average rent for a one-bedroom apartment in Red Deer is $1,426 (25 percent lower than the national average!), and a one-bedroom apartment in Fort McMurray is $1,350.

Rent increases vary from city to city

While rents in Alberta remain well below prices in B.C. or Ontario, some have risen year over year (Edmonton), and others have fallen (Calgary). These variations from city to city show why it's important for newcomers to Canada and international students to follow rental trends before they arrive.

The good news for newcomers is that rents are falling across Canada, including in most of Alberta. This trend is forecast to continue throughout 2025.

According to Rentals. ca, the average asking rents for all residential property types in Canada were down 3.2% in December compared to the end of 2023, falling to a 17-month low of $2,109.

To get a sense of rent pricing and what's available in Alberta, click on these Alberta cities to research current rental listings:

2 - VACANCY RATES IN ALBERTA:

The vacancy rate is the percentage of all vacant or unoccupied units available for rent in Alberta at a particular time. For renters in Alberta, a reasonable vacancy rate (which usually but not always creates possibly lower rent prices for newcomers renting in Canada) is around three percent.

With immigration and interprovincial migration, the vacancy rate in Alberta declined over the past few years, which, unfortunately for newcomers, resulted in higher rent prices.

The overall decline in the national vacancy rate reflected widespread tightening across many of Canada’s rental markets. However, according to the latest Rental Market Report from CMHC, the average vacancy rate for purpose-built rental apartments in Canada rose to 2.2% in 2024 from 1.5% in 2023. That's still below the 10-year historical average of 2.7%.

In Edmonton, the vacancy rate of purpose-built apartments rose to 3.1% in 2024. The latest CMHA reports show that increases in vacancies in Edmonton were most notable for 2-bedroom and 3-bedroom apartments. Bachelor and 1-bedroom units maintained stable vacancy rates despite a surge in new supply. This indicates a steady demand for smaller units.

Migration into Alberta turned around sharply in 2024 and significantly drove rental demand. This turnaround was the result of both higher interprovincial and international migration.

Finding affordable housing in Alberta remains a challenge for newcomers.

In Calgary, the overall vacancy rate for purpose-built rental apartments has risen to 4.8%, rebounding from a 3-year decline. A surge in rental completions provided more rental options and eased market pressures.

Alberta landlords are offering incentives

The higher vacancy rates in Alberta are good news for newcomers and international students. An increased supply of available rentals forces landlords to lower prices and offer amenities such as a few months of free rent or WiFi. Remember that vacancy rates vary significantly within a city's various neighbourhoods, so check that out.

Based on the most recent data, newcomers should expect increased vacancy rates across most Alberta.

3 - HOUSE PRICES IN ALBERTA:

Housing prices rose significantly in Alberta from December 2023 to December 2024, in part because of newcomers looking to buy a home, again driven by the population surge. Newcomers need to be aware of both rental and housing prices before settling in a city to avoid a costly relocation when they become homeowners.

According to the December 2024 WOWA Housing Report:

Calgary's average* home price increased by 14% year-over-year to $615,692.
Edmonton's average home price increased by 15% year-over-year to $436,401.
Red Deer's average home price increased by 13% year-over-year to $380,680.
Lethbridge's average home price increased by 15% year-over-year to $382,908.
Medicine Hat's average home price decreased by 2.8% year-over-year to $336,012.
Fort McMurray's average home price increased 7.8% year-over-year to $372,587.

Housing prices and sales in Alberta have increased substantially year over year

As of January 22, 2025, the lowest mortgage rate in Alberta, according to WOWA, is 4.09% for 3-Year Fixed.

The Calgary Real Estate Board reported that home sales in December were 1,322, down 3% from December 2023. Overall sales in 2024 were just slightly below last year’s levels.

Housing in Alberta remains relatively affordable compared to other Canadian regions.

For example, the average price for all residential properties in Greater Vancouver in December was $1,275,672, a 2.5% increase from December 2023.

In December, the average selling price of a home in the Greater Toronto Area was $1,067,186, down slightly from November and a slight drop from December 2023.

As you can see, housing in Alberta remains a bargain for newcomer homebuyers.

4 - STUDENT HOUSING IN ALBERTA:

Many of Alberta’s higher education institutions have dedicated housing programs for their students, and some also offer options for families to live on campus.

Recent federal government restrictions on the number of international students studying in Canada have helped ease student (domestic and international) demand for rental accommodation.

Still, the University of Calgary residences were full in September 2024, with a waiting list. The Southern Alberta Institute of Technology was also full, with a waiting list.

Student advocates are calling for more purpose-built student residences.

Be aware that on-campus housing options in Alberta vary by school. So be sure to consult your institution for information about their residence programs, including application deadlines for international students.

Sharing accommodation is an option for students in Alberta

Your school can also help you find accommodation if you live off campus. But again, there is competition for affordable rental accommodations.

Renting a room from an Alberta homeowner can also be an option for student

The University of Calgary asked Alberta homeowners to consider renting out spare bedrooms. It's estimated by homeshare company Sparrow that there are 12 million unused bedrooms in Canada.

Sparrow and Prepare for Canada recently partnered to provide an easy, safe, and secure room rental program for (international) students. Registration is free.

Calgary is Alberta's largest city

(Drone footage by Lvfree Adventures)

5 - LIVING IN ALBERTA:

When you get housing in Alberta, you'll need a job or money to pay for it.

A recent Statistics Canada Labour Force Survey showed Alberta's jobless rate in December 2024 was 6.7 percent, down 0.8% from November.

The national unemployment rate was 6.7 percent in December 2024.

Employment in Alberta rose by 35,000 in December

Alberta's minimum wage is $15 per hour, and the province has not announced plans to increase it. The province's minimum wage has been frozen since 2018.

According to ZipRecruiter, the average salary in Alberta is $50,631 annually. The average hourly wage is $20.71

Here's a link to various jobs in Alberta and what they pay.

Rentals for Newcomers is powered by Rentsync, a North American market leader for property technology within the multifamily apartment industry. This gives Rentals for Newcomers access to the latest rental technology, tools, insights, and trends.

SOURCES:

Statistics Canada Labour Force Survey, CMHC, Zumper, Rentals.ca, ZipRecruiter, Wowa, Rentsync, Alberta Office of Statistics and Information

* The average sale price is calculated by adding all the sale prices for homes sold in a specific area within a specified time frame and dividing that total by the number of properties sold.

Rent and home prices were accurate when this article was published but may change over time.

If you have a question, please email us at rentals@prepareforcanada.com

Steve Tustin is the Editor for Rentals for Newcomers and a contributing editor for Prepare for Canada. He is also the former managing editor of Storeys.com and a former senior editor at the Globe and Mail and the Toronto Star.

All sources are cited and credited where possible.