Not just Toronto: Are these cities seeing ‘unsustainable’ rent spikes, too?

globalnews.ca:

As more and more Canadians from other parts of the country are moving to Alberta for a lower cost of living, there’s a catch 22 situation — that migration might be driving up rents in cities like Edmonton and Calgary that are drawing those fed up with high costs elsewhere.

That comes as housing is expected to form a major part of the upcoming federal budget next month.

The average asking rent in two of Canada’s most expensive cities — Toronto and Vancouver — saw a decline last month while Edmonton and Calgary saw some of the highest spikes, according to Rentals.ca and Urbanation’s newest National Rent Report.

The report, released on Tuesday, said average asking rent for purpose-built and condo apartments decreased by 3.3 per cent annually in Vancouver and 1.3 per cent annually in Toronto to $3,017 and $2,803, respectively.

But the question is, will the number of people searching out affordability actually make things less affordable as more and more head to cities long viewed as less expensive?

David Dale-Johnson, executive professor of real estate at the Alberta School of Business, said the movement of people from other provinces of Canada to Alberta means the housing crisis is being spread out through the country, instead of easing.

“That now means we better darn well build some more housing in Alberta, because if those rent increases continue, they’re going to be unsustainable here as well,” he said.

He added that job growth in Alberta and increased immigration from outside the country are also contributing factors. He added that for many Canadians outside Alberta, the province has become more attractive since the advent of remote work.

While average rents in Alberta ($1,531 for a one-bedroom) are still significantly