Canada’s Rental Crisis: Why Some Cities Are Hotter Than Others 🔥

Canada is facing a rental crisis that is getting worse in different cities. 🏙️ The average rent in Canadian big cities has soared by 11% over the last year, and many people say that having roommates does not help to lower their expenses. 😢

But not all cities are the same. Some markets are hotter than others, and some are cooling down. Let’s take a look at some of the latest data from September month. 📊

  • Toronto is still one of the most expensive in the country, with a one-bedroom property costing $2,614 a month on average, up by 4.9% than a year ago. 💸
  • Vancouver is even more pricey, with a one-bedroom going for almost $3,000 a month on average, and a two-bedroom for almost $4,000 a month. 😱 That means that the rent in Vancouver is up by 10% more than last year. 📈
  • Calgary, one of the affordable cities, is also seeing a fast increase in rent, up by 13% with a one-bedroom for $1,730 and a two-bedroom for $2,181. 🚀
  • Nova Scotia has the third-highest provincial average in Canada, behind British Columbia and Ontario, with a new apartment costing $2,088 a month on average, up 15% in the past year. 🌊
Average Hikes in Rent over the year. All statics from different cities across Canada included in this chart.
Report of September Month: Average Rent Hikes over the year( Property type: 1BHK and 2BHK Apartments)

Why are rents so high in some places ? communications director of Rentals.ca Giacomo Ladas explained that “one reason for the deceleration in Toronto is that more people are choosing to live with a roommate to cut costs” and added, “Nova Scotia has tried to bring in regulations for short-term rentals like Airbnb in order to alleviate the crush of demand. But it can only do so much.” 🗣️

He also said, “The housing crisis right now is so bad that the people are going to Nova Scotia and Alberta in search of housing. People can’t afford $4,000 a month for a two-bedroom in Toronto or Burnaby, B.C., so they’re going to move all the way across the country.” 🛫

More people are opting for shared accommodation to save money. Rentals.ca recorded a 27% increase in shared accommodation listings over last year nationwide, including an enormous  78% spike in such listings in Ontario. The average national asking price for shared accommodation is up by 18% more than last year up to $944 per month. 🏠

However, there is some relief for other cities in Ontario other than Toronto areas. The pace of rent hikes has slowed considerably in recent months and was down by 0.2% from August’s level for some cities in Ontario. 🙌

What is your experience with rental prices becoming worse, especially for big cities? We would love to know your experience and thoughts about this situation in Canada! 💬

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Hope
Admin
7 months ago

Thank you Nidhi for this insightful piece at a time Canadians are suffering from historic housing crisis, a crisis that cut across almost every aspects of our lives.

Hope
Admin
7 months ago
Reply to  Nidhi Sompura

Thanks Nidhi. Indeed Canadians Forum members have alot to tap from you. Keep it up.

Don Fitzgibbon
7 months ago

We need to identify the players in the rental situation . All landlords are being discussed as if they were all the same . Small buildings are often owned and operated by individuals whereas larger high rise buildings are owned by corporations which means many people are using them for profits and that is a major contributor . Housing can’t be used as an income source for investors to keep costs down but they are being used for just that purpose