Rent hit a new high in July as students prepped for school, buyers sidelined: report
A for rent sign is displayed on a house in Ottawa on Friday, Oct. 14, 2022.
Compared to July 2021, the average asking rent increased by 21 per cent, adding $354 per month on average. While there are many factors, including a lack of affordable housing, pushing up asking rents, Rentals.ca and Urbanation attributed the July rise to a surge in post-secondary students signing leases before the fall, unprecedented levels of population growth and homebuyers holding off on purchases as interest rates have risen.
The average price of a home reached $709,218 in June, up 6.7 per cent from a year earlier, the Canadian Real Estate Association said last month. On a seasonally-adjusted basis, it was $709,103, down 0.7 per cent from a year prior.
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