Calgary has highest rent out of major Canadian cities, finds report

Calgary has taken top spot for the most expensiveaverage monthly rentsfortwo-bedroom apartments in new and existing structures in large centres, according to a report released Tuesday.

• Single mom's rental search highlights Calgary's vacancy crunch

But the Canada Mortgage and Housing Corporations (CMHC) fall rental market survey also says the city's tight rental market is loosening up a little.

The rental apartment vacancy rate was 1.4 per cent in Octobercompared with just one per cent a year previous.It means a few more apartments are available, butdon't expect adrop in rents.

Despite the increase from 2013, the vacancy rate remained low by historical standards, resulting in continued upward pressure on rents, FeliciaMutheardy,CMHC's senior market analyst for Calgary,said in a release.

The cost of renting an average two-bedroom apartment increased almost six per cent. Rent for a one-bedroom rose by more than seven per cent.

In Calgary, the average rent for a two-bedroom apartment was $1,322 per month in October.

The most expensive two-bedroom units are downtown at $1,459 per monthand in the Beltline at $1,441.

Among urban centres in Alberta, vacancy rates ranged from zero per cent in Canmore and Lacombe to 11.8 per cent in Wood Buffalo.