In a recent release by the Canada Mortgage and Housing Corporation (CMHC), Calgary’s purpose-built rental market saw an unprecedented rent increase of 14.3% in 2023. As compared to the previous year, this marks the steepest rise since 2007.
This surge has pushed the average cost of a two-bedroom unit to approximately $1,695 per month, a sharp climb that poses significant challenges for local residents (CTV News Calgary).
Community Impact
To gauge the real-world impact of these rising costs, I spoke with Calgary residents. In the Beltline area, one interviewee reported a drastic rent hike from $1,600 to $2,700 for a two-bedroom apartment.
This increase is not isolated, with similar patterns observed across both company-owned and privately rented properties. The latter, typically managed by individual landlords, have generally imposed milder increases compared to corporate-owned buildings
Budget Adjustments and Lifestyle Changes
Many Calgary residents are finding it necessary to adjust their budgets significantly.
The Beltline Resident had to make some major changes like giving up his car to afford rent. He also noticed that the demographic makeup of his building also shifted; where once young adults and singles predominated, families are increasingly prevalent as they are pushed out of pricier districts.
The uncertainty and stress related to housing costs are palpable. Residents who have faced job losses or income reductions find themselves particularly vulnerable. The mental toll is heavy, compounding the financial pressures of higher living costs.
Calls for Government Action
When asked about solutions, the common theme among residents was the introduction of rent control.
Many pointed out that the influx of people relocating from more expensive Canadian cities like Toronto and Vancouver is exacerbating the situation. This migration is driven by relatively lower living costs in Calgary, but as demand outpaces supply, long-term residents find themselves priced out of their own neighborhoods.
Despite the steep rise in rent, the community’s resilience and calls for effective policy change are hopeful signs. There’s a strong push for government action, including rent controls, to help maintain Calgary’s affordability and diversity. The community’s response illustrates a commitment to not only adapt but also thrive amidst these challenges.
