For All Your Real Estate Needs in Halifax & Surrounding Area
Paul DeAdder | Real Estate Sales Representative Serving 
Halifax & Surrounding Area | Sutton City Realty Inc., Brokerage

My Real Estate Blog - Market Trends, Tips & Updates

Rents in major cities spike

2/13/2020 | Posted in Rental Market by Paul DeAdder | Back to Main Blog Page

Own or Rent Sign

Rents in some of the major cities in Canada increased over the past year, with Halifax, Montreal, Calgary, and the Greater Toronto Area (GTA) reporting substantial gains, according to the latest report by the Canada Mortgage and Housing Corporation (CMHC).

The average rent for a two-bedroom apartment increased by 3.9%, clocking the fastest growth since 2001.

The GTA and Vancouver markets were the only ones amongst the Census Metropolitan Areas (CMAs) to register a rent growth above the national average.

"The major centres of Toronto and Vancouver continue to see high rent levels. We also see some relief on the upward pressure on rents from growing supply of purpose-built rental apartments," the CMHC said.

The high rent levels in the two markets reflect their deteriorating homeownership affordability.

"Entry-level home prices continue to remain high, relative to local incomes in Vancouver. This results in many potential homebuyers facing financial barriers to entry into homeownership. Some potential homebuyers may choose to rent longer term, contributing to rental demand," the CMHC said.

FOR SELLERS
Are you thinking of selling your property
and would like to know how much it can sell for?
Click here to get your property appraised for FREE!
FOR BUYERS
Thinking of buying a home or investment property?
Sign-up for FREE to get immediate access to listings
in your desired area as soon as they hit the market!
PROPERTY SEARCH IN GTA
Are you thinking of buying your first property,
downsizing, or upgrading to bigger and better?
Click here to search through thousands of listings!