High prices are not only a challenge for people trying to buy a home in Vancouver; renters are also going through the same problem as the city has the most expensive rental market in Canada. However, Vancouver is not in this alone as Toronto is merely at a short distance behind Vancouver.
According to PadMapper, a rental search website, the cost of a one bedroom apartment in Vancouver has increased to $1,950. This is a 0.5% increase from the previous month but Toronto’s rental cost are approaching at a rapid pace with the average cost of a one bedroom apartment in Toronto at $1,790 a 2.3% increase.
Similarly, the cost of a two bedrooms home also increased in Vancouver and Toronto to $3,150 and $2,300 respectively.
PadMapper also takes a look at other rental markets across Canada with Saguenay, Quebec recording the lowest price increase in the region with the cost of a one bedroom unit at $590 and two bedrooms at $710. The area is also the cheapest in terms of rentals in the region.
From the analysis of PadMapper, the five leading priciest rental markets in Canada include:
Vancouver –One-bedroom $1,950, two bedrooms $3,150
Toronto – One bedroom $1,790, two bedrooms $1,400
Victoria – One bedroom $1,180, two bedrooms $1,400
Barrie, Ontario – One bedroom $1,150, two bedrooms $1,410
Ottawa, Ontario – One bedroom $1,090, two bedrooms $1,300
This is a very challenging situation as the average incomes of Canadians have only increased moderately in recent years but rental prices have shot up significantly.
Taking a moment to look at the fact that most Canadians have received very little increase while in contrast the costs of accommodation have not been stagnant is indeed a situation that needs immediate solutions.
Owing or renting a home is now more expensive than it used to be in the past especially in major cities such as Toronto and Vancouver.
It is also known that Toronto has a higher income ratio in comparison to other areas across Canada but this does not justify the soaring home prices for owing or renting a home.