The average price of rent in Fort McMurray continues to be one of the highest in all of western Canada.
According to Rentals.ca, the price for a one bedroom space currently sits around $1,065.
This would rank the community as seventh highest across Alberta, British Columbia, Saskatchewan, and Manitoba.
The only place in Alberta with a higher average rent is Calgary. A one bedroom space in Edmonton, on average, will cost around $50 less per month.
Of the 30 communities highlighted in the report, only New Westminster, B.C. has a smaller population.
Just over half of these cities also saw a drop in the average price year-over-year. This includes Fort McMurray which had the 14th best rate, around a 1.1 per cent decrease.
Despite this, the average cost of rent for Canada rose slightly.
“After unprecedented declines during the pandemic, the domestic rental market is in recovery mode with many of Canada’s largest cities seeing rent growth accelerate in June,” said Ben Myers, president of Bullpen Research & Consulting.
“Unit showings are picking up, vacancies are declining and tenant demand is strong again in major downtown markets. However, it still could take eight to 15 months before most markets get back to their peak rent levels from late 2019.”
Meanwhile, the average price for a two bedroom space in Fort McMurray sits at roughly $1,287.
This would rank the community 28th out of 35 communities highlighted in the report.