Canada’s rental crisis is getting worse, according to a new report that found the average asking price for rent in September was $2,149 — up by more than 11 per cent compared to a year ago.
That’s according a data analysis of tens of thousands of new rental listings across the country from Rentals.ca and real estate consulting and research firm Urbanation.
And according to the September report, average rents aren’t just headed up — they’re increasing at their fastest pace this year.
While the general national trend is pricier rents, the situation is playing out differently in individual markets.
Toronto remains one of the most expensive in the country, with the average cost of a one-bedroom property now at $2,614 a month. But the pace of rent hikes in the Ontario city has slowed considerably in recent months, and was down by 0.2 per cent from August’s level. Compared to one year ago, Toronto rents are up by 4.9 per cent.
This is the best summary I could come up with:
Canada’s rental crisis is getting worse, according to a new report that found the average asking price for rent in September was $2,149 — up by more than 11 per cent compared to a year ago.
That’s according a data analysis of tens of thousands of new rental listings across the country from Rentals.ca and real estate consulting and research firm Urbanation.
One reason for the deceleration in Toronto is that more people are choosing to live with a roommate to cut costs, said Rentals.ca communications director Giacomo Ladas.
“I’m looking at basement suites that are in not the most desirable neighbourhoods of Calgary … safety concerns, that kind of stuff, that I’m looking at [and thinking] ‘oh man, is this what I’m going to have to be basically downgrading to?’”
The Alberta economy is faring better than the rest of Canada, which is drawing tens of thousands of people to the province every month for work and its comparative affordability.
The lack of supply is a major factor elsewhere, too, including in Nova Scotia, where the average asking price for a new apartment hit $2,088 last month, up 15 per cent in the past year.
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