Although the pace of increase has come down ever so slightly, the price of rental accommodation in Canada continues to go up, with the average new tenant now being asked to pay $2,117 a month.
The ongoing tumult in the housing market has garnered numerous headlines of late, as the Bank of Canada’s campaign to tame inflation has caused mortgage rates to skyrocket.
“Despite rental apartment completions in Canada over the past 12 months reaching their highest level since the 1970s, rent growth has remained exceptionally strong,” the report said.
That comes as no surprise to Torontonian Cassandra Kranjec, who earlier this year begrudgingly agreed to a 14 per cent increase in her rent on a one-bedroom, one-bathroom condo in the Liberty Village neighbourhood.
While he says Canada’s impressive population growth and surge in international students may pay off down the line for the economy, in the short term at least it is exacerbating an already acute housing shortage.
“People can jump on a plane this morning and arrive [in Canada] tonight, but we can’t put a house on the production line today and have it ready by tomorrow — it takes us three or four or five years to do that.”
The original article contains 888 words, the summary contains 199 words. Saved 78%. I’m a bot and I’m open source!
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This is the best summary I could come up with:
Although the pace of increase has come down ever so slightly, the price of rental accommodation in Canada continues to go up, with the average new tenant now being asked to pay $2,117 a month.
The ongoing tumult in the housing market has garnered numerous headlines of late, as the Bank of Canada’s campaign to tame inflation has caused mortgage rates to skyrocket.
“Despite rental apartment completions in Canada over the past 12 months reaching their highest level since the 1970s, rent growth has remained exceptionally strong,” the report said.
That comes as no surprise to Torontonian Cassandra Kranjec, who earlier this year begrudgingly agreed to a 14 per cent increase in her rent on a one-bedroom, one-bathroom condo in the Liberty Village neighbourhood.
While he says Canada’s impressive population growth and surge in international students may pay off down the line for the economy, in the short term at least it is exacerbating an already acute housing shortage.
“People can jump on a plane this morning and arrive [in Canada] tonight, but we can’t put a house on the production line today and have it ready by tomorrow — it takes us three or four or five years to do that.”
The original article contains 888 words, the summary contains 199 words. Saved 78%. I’m a bot and I’m open source!