Trending
A red, white, and black flag with a white background.

Rents in major cities spike

A family standing in front of a house with a for rent sign.

Rents in some of the major cities in Canada increased over the past year, with Halifax, Montreal, Calgary, and the Greater Toronto Area (GTA) reporting substantial gains, according to the latest report by the Canada Mortgage and Housing Corporation (CMHC).

The average rent for a two-bedroom apartment increased by 3.9%, clocking the fastest growth since 2001.

Also read:

The GTA and Vancouver markets were the only ones amongst the Census Metropolitan Areas (CMAs) to register a rent growth above the national average.

“The major centres of Toronto and Vancouver continue to see high rent levels. We also see some relief on the upward pressure on rents from growing supply of purpose-built rental apartments,” the CMHC said.

The high rent levels in the two markets reflect their deteriorating homeownership affordability.

“Entry-level home prices continue to remain high, relative to local incomes in Vancouver. This results in many potential homebuyers facing financial barriers to entry into homeownership. Some potential homebuyers may choose to rent longer term, contributing to rental demand,” the CMHC said.

About the Author

Post a Comment

Related Articles

The Canada Mortgage and Housing Corporation (CMHC) has announced the reopening of the Housing Accelerator Fund (HAF) application window for previous applicants who were not...

When looking at the housing supply and affordability crisis that is presently plaguing Canada, an idiom coined by popular cartoon handyman Bob the Builder quickly...

Most Trending News

The Canada Mortgage and Housing Corporation (CMHC) has announced the reopening of the Housing Accelerator Fund (HAF) application window for previous applicants who were not...

When looking at the housing supply and affordability crisis that is presently plaguing Canada, an idiom coined by popular cartoon handyman Bob the Builder quickly...

A June 2024 Edge Realty Analytics report has highlighted some notable shifts in Canadian building permit and construction trends. In a surprising turn of events,...