At least living where she does in Toronto, she doesn't need the expense of a vehicle. Prior to moving to Toronto last year, she was paying $1,850 for a similar unit in Kitchener, Ont., where she had to have a car. Her main job could be done remotely, so she contemplated moving to a part of Ontario with cheaper rent, but quickly realized those options were also limited. Kranjec works two jobs yet still spends more than half of her income on rent. I was originally paying $2,100 a month, which was above my budget, but he mentioned that we had to up the rent to $2,400 a month due to his mortgage, she told CBC News. 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. Since May, the average asking price for a new rental has increased by $103 a month. In response to demand and a slew of new Canadians coming into the country (new window) looking for housing, construction activity has picked up for purpose-built rentals.īut it's not coming online fast enough to bring down rents.ĭespite 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's spilling over into the rental market, as individual landlords are trying to pass those costs on to their tenants. 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. That's down from an all-time high of 12 per cent from August 2021 until August of last year, but still the highest figure ever in dollar terms. The $2,117 figure is an increase of 9.6 per cent from the average rent in August 2022. That's according to a new report from Rentals.ca, which tabulates the data every month from its database of the largest single group of rental listings across the country.
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.
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