Barrie Is One Of The Priciest Cities To Rent In Canada
The issues of rental and housing prices are no more a cause for discussions of speculation in Canada. Over the years, the housing market in the country had become extremely high and the populace struggled to keep in line with the high rate of home prices.
Barrie’s housing market is also in the public eye, although potential buyers search the markets, owing to the great prospects in the region, the Toronto tax aiding in cooling the market will not reflect any changes in the housing market in Barrie.
Barrie might not necessarily be the most expensive city in Canada to reside in. With the average price of renting at $1,150 per bedroom, which is a 4.5% increase since May 2016. There was also a 1.4% increase for two bed room units, which is $1,410.
Barrie is a city of robust economic foundations and very attractive for business individuals. On the other hand even with its new position, Vancouver remains yet the most expensive city to rent in with median prices of $1,950 per bedroom and $3,150 for two bedrooms.
Down from Vancouver, Toronto lands the second place while Victoria follows behind. Ottawa was also part of the list at fifth position.
On the bottom list, Saguenay recorded the less expensive rental apartments.
Comparable to those looking to buy a house in the city, renting has also become a struggle. There are insufficient units’ available for the ever increasing demand. Although naturally, the high demand for rental units translates to higher rental cost for apartments.
The high home prices in the real estate market make it possible for many to abandon renters who are a large majority of the city.
On the other hand, there has been a balance in the market as some experienced an increase and others a decline. Only a few recorded no changes.
Putting into consideration all the 25 cities across the country, 14 of them documented high home prices, 6 showed a decline and 5 recorded stable prices.
With the exemption of Victoria and Montreal, all the cities that found themselves listed in the top ten most expensive cities, experienced positive growth increase in rents.
J C Loum
