For a large period of time, Canada’s housing prices have been on a planet compared to the rental prices. Though lately, the rental prices have been catching up at a fast pace. To many, the rental prices are becoming highly expensive and unbelievable for renting.
For example, the costs two bedroom apartments in cities like Vancouver and Toronto have skyrocketed to an eye popping amount. In addition, Vancouver and Toronto (which just happen to be Canada’s priciest places to rent have increased their prices by 14.5 per cent in half a year.
Vancouver’s prices for a two-bedroom place has an average amount $3,150 this month. This is a leap from the amount last July which was $2,750. In Toronto, there’s also been an increase from it’s amount of $1,720 last July to $1,970 this month. It both cities there has been an high increase in rental prices. Both cities have an annual growth of 29 per cent.
In some large cities in Canada there have been increases in the rental prices of one-bedroom apartment.
For example, Victoria, BC has increased the rental price of one bedroom apartments to an average of $1,270. Montreal, Quebec has increased to an average of $1,130. The cheapest of prices in these large cities happens to be Kelowna, British Columbia which has a rental price of approximately $980 which still happens to be quite expensive.
It isn’t this bad in every city in Canada though. In some cities, prices have actually fallen than risen. For example, in Calgary, the amount of two-bedroom apartments have fallen by 4.7 per cent in the past six months. The price of a two-bedroom apartment in Calgary has fallen down to an average $1,280 a month. The city fell from third place to fifth place -within a year- in the list of most-expensive cities in Canada to rent. The city is believed to be in a recession and due to this a lot rental spaces are staying empty.