Experts have indicated Canada will need to build millions more homes in the next 10 years to meet our growing needs. To the casual observer the problem is easy to solve: just build more homes. For those in the real estate development field, the problem is much more complicated than this.
The average rents for residential properties in Canada increased by 5.5% year over year, according to the latest data from Rentals.ca.
The average rent for Canadian properties during October was $1,940, while the median rent was $1,850, up 8.9% from a year earlier.
This recent increase was not consistent across property types, with townhouses posting the biggest jump at 19.7% while condominiums reported the smallest growth at 0.8%.
Also read: Steady home sales recorded in October — CREA
Rental apartments comprise 57% of total listings used by Rentals.ca, making them the most reflective of the actual rental market conditions in Canada. The average rental apartment was listed for $1,574 per month in October, up 7.7% from the same month last year at $1,461.
The graph below shows the difference in rental growths across property types:
Across all provinces, Ontario reported the highest rental rates, with landlords charging an average of $2,334 per month. This represents a 9.1% increase from last year's $2,139.
The increase in rent in Ontario could be due to the limited housing supply. There were only 17,915 new apartment completions during the first three months of the year, the lowest level since 2014.
The chart below shows the average rent by province for all property types:
While there has been a deceleration in new home sales, we must keep the pedal to the metal and continue to train skilled trades workers for the future.
Many jurisdictions in the U.S. have been thinking outside the box to boost the housing supply. Here in Ontario, we’d be wise to follow suit.
This free summit will feature top experts in Canadian real estate who will share their knowledge on a broad range of topics. It will be presented on Sat. Jun. 18th from 12pm-3pm.
For Real Estate News and Market Updates & VIP Access to Exclusive Real Estate Investment Opportunities
Canadian Real Estate Wealth Media Corp. needs the contact information you provide to us to contact you with news and market updates and to share real estate investment opportunities. You may unsubscribe from these communications at any time. For information on how to unsubscribe, as well as our privacy practices and commitment to protecting your privacy, please review our Privacy Policy.
Diversity, equity and inclusion, better known by the acronym DEI, are buzzwords that permeate the workplace these days.
Ontario's construction sector will need to recruit about 71,800 new workers over the next six years to keep pace with retirements in the industry.
While markets across the country are seeing price corrections amid rising interest rates, Calgary has held strong.
The Bank of Canada announced yet another interest rate hike at its meeting on Thursday.
CREW has compiled a group of investment real estate agents that we think stand out for their quality service and dedication to the world of real estate investing.
“Sign up for our daily newsletter to get the latest news, updates and offers delivered directly to your inbox.”