Medicine Hat rents climb 4.5% even as national market keeps falling
Average asking rent in the city hit $1,345 in August, still among Canada's cheapest markets but running against a broader nationwide price decline.
Why it matters
Medicine Hat renters are seeing costs rise even as most of Canada, including much of Alberta, sees rents fall, bucking a broader affordability trend.
Medicine Hat's average asking rent for apartments and condos reached $1,345 in August, according to the latest Rentals.ca and Urbanation report. That is the third-lowest average among urban Canadian markets tracked, behind only Fort McMurray ($1,277) and Lloydminster ($1,330).
Despite remaining affordable, Medicine Hat rents rose 4.5 per cent year over year, the fifth-largest increase among markets outside Canada's six biggest cities, trailing only Barrie, Lloydminster, Dartmouth and Laval. That runs counter to Alberta's broader trend: the province's average apartment-and-condo rent fell 4.3 per cent annually to $1,670, still below the national average of $2,040.
Nationally, asking rents for all property types fell to $2,035 in August, down 4.8 per cent from a year earlier and marking 23 consecutive months of annual declines. Among Canada's six largest markets, rents dropped everywhere, led by Calgary at 4.5 per cent, followed by Vancouver and Edmonton at 4.1 per cent, while Montreal saw the smallest decline at 1.1 per cent.
The report attributes the national softening to a record volume of new apartment completions and a declining population, partially offset by demand returning as affordability improves. It also notes economic uncertainty from Canada-U.S. tariffs could eventually affect construction costs, employment and investment, though direct effects on rental markets remain limited so far.
Compiled by the Alberta Daily Desk — an AI-written summary of reporting from the credited sources below, produced and reviewed under our editorial policy.