ALBERTA

Alberta Has The Most Expensive Rental Market In Canada

09/11/2015 01:38 EDT | Updated 09/11/2015 01:59 EDT
Bloomberg via Getty Images
A new housing development stands in this aerial photograph taken near in Fort McMurray, Alberta, Canada, on Thursday, June 4, 2015. Canadian stocks rose a second day as commodities producers rallied after the price of oil climbed to the highest level this year while gold and copper led metals higher. Photographer: Ben Nelms/Bloomberg via Getty Images

Alberta's economy has no doubt slowed in recent months, but renters are still feeling the pinch of some of the country's highest residential rental rates, according to a new report.

The Canadian Rental Housing Index April 2015 found that Alberta has the highest residential rates in Canada, and ranks Fort McMurray as the most expensive place to rent a home.

According to the report, renters in the oilpatch city will spend, on average, $2,148 per month, while the average monthly rate in Calgary is $1,123.

Calgary also holds the dubious title of highest average rent for major city centres in Canada, coming ahead of Toronto ($1,026), Vancouver ($1,089), and Edmonton ($1,055).

The study also found that 39 per cent of Albertans are spending more than 30 per cent of their before-tax income on rent and utilities -- generally considered an "unaffordable situation" — while 19 per cent of household spend more than 50 per cent — which may force them to forgo other necessities.

"It’s absolutely concerning when you have people who most of them are poor spending more than 50 per cent of their income on housing. That means that other things aren’t being dealt with," Tim Richter, president and chief executive of the Canadian Alliance to End Homelessness, told the Calgary Herald.

The study was prepared by a coalition of housing groups in six provinces and the Vancouver City Savings Credit Union. The survey data was collected from the most recent long-form census, which contains the most up-to-date information on rent and income across Canada.

Check out Fort McMurray's most expensive rental properties currently on the market:

Fort McMurray's Most Expensive Rentals (Sept. 2015)

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