Rent prices across Canada hit decade high inflation The cost of living in the country has increased.
The national median rent last month was $2,005 – an increase of more than 12 percent from December 2021, according to Rentals.ca January 2023 Rent Report,
Vancouver remains the most expensive city to rent in Canada, with an average price of $2,596 per month for a one bedroom unit.
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Toronto ranks second at $2,457 for a one bedroom, followed by Burnaby, B.C. ($2,450), Toronto’s Etobicoke area ($2,172) and Mississauga, Ont. ($2,145), based on a list of 35 Canadian cities.
In Halifax, which ranks 10th, a one bedroom unit costs an average of $1,987.
The cheapest cities to rent on that list were in Alberta, with a one bedroom going for $840 in Lloydminster, Alta., which ranked at the bottom.
Nationally, the median rent for a one-bedroom rose 7.9 percent to $1,681 in December 2022, but two-bedrooms saw the biggest jump of 9.4 percent from a year earlier to $2,044.
Total average rents increased year-over-year for all types of apartment and condo listings in Kitchener, Ontario and Halifax, which saw an increase of 31 per cent in December 2022.
Residents of London, Ontario, saw rents increase by 30 per cent compared to a year ago, and rents in Scarborough rose by 25 per cent.
The “extraordinary increase” in rents last year can be attributed to COVID-19 Recovering from the pandemic, record-high population growth, a big shortfall in home buying and low vacancy rates, the national rent report said.
This is the second straight month the median monthly rent has exceeded $2,000 in Canada, which faces a housing shortage with both homes short of homes and construction workers to build new units.
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In November 2022, the average monthly cost of renting a home in Canada will reach a record high of $2,024.
Real estate experts predict that this trend may continue in the coming months as more people are deciding to rent rather than buy properties.
“Rents are up significantly compared to last year,” said John Pasalis, president and broker at Realosophy Realty in Toronto.
“Our population is booming and we really aren’t building much in terms of homes and rental buildings. And that’s a big driver of why rents are going up.
According to Rental.ca’s market outlook, rents for units available on the market in Canada are expected to increase by an average of about five per cent this year.
“Strengthening population growth and subdued first-time home buying activity will support the rental market this year, although the more than 40-year high anticipated for rental completions in 2023 will help drive further rent increases,” the outlook read. .
Last month, to help deal with skyrocketing rents across the country, the Canadian government opened applications For one time top-up as part of canada housing benefit (CHB) program – an initiative that Would put $500 in the pockets of low-income renters.
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