Canadian renters have long lamented the increasing prices they see landlords request of tenants, but in July, those totals hit a level unseen in the country's history.
Data from Rentals.ca and research firm Urbanation released this week shows July's average asking rent hit $2,078, just shy of nine per cent above the same month last year.
"We're also hearing stories of people coming from all across Canada, some who sold their property to move to eastern Ontario , hoping to find a place to retire that was affordable," Kwan said. “These include the peak season for lease activity, an open border policy for new residents, quickly rising incomes, and the worst ever home ownership affordability conditions.”
The thought of owning a place feels very out of reach for Keegan Colwell, a University of Calgary student and member of Acorn, a national organization made up of low- and moderate-income Canadians who are demanding housing policy reforms like more rent control.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Central Banks Continue to Increase Gold Reserves in JulyAccording to the latest data from the IMF, central banks have continued to purchase gold in July. The Central Bank of Turkey added 17 tonnes to its reserves, while the Czech National Bank added 2 tonnes. The National Bank of Poland was the biggest purchaser, increasing its reserves by 22 tonnes. China also bought 23 tonnes of gold in July, bringing its total purchases for the year to 126 tonnes.
Read more »
Canadian Rental Market Experiences Rapid Growth in JulyThe average asking rent in Canada increased by 1.8% between June and July, marking the fastest month-over-month increase in the past eight months. Compared to July 2021, the average asking rent rose by 21%, adding $354 per month on average. The surge in post-secondary students signing leases, unprecedented population growth, and homebuyers delaying purchases due to rising interest rates are contributing factors. The rental market is currently facing a perfect storm of factors driving rents to new highs.
Read more »
Average Asking Rent in July Sees Rapid GrowthData released by real estate company Urbanation reveals that the average asking rent in July reached $2,078, marking a nearly nine percent increase compared to the same month last year. This growth rate is the highest over the past three months, with a 1.8 percent increase from June to July, the most rapid month-over-month rise in the last eight months.
Read more »
Average Asking Rent in July Sees Rapid GrowthData from real estate company Urbanation reveals that the average asking rent in July reached $2,078, marking a nearly nine percent increase compared to the same month last year. This growth rate is the highest over the past three months, with a 1.8 percent increase from June to July, the most rapid month-over-month rise in eight months.
Read more »
Canadian Rent Prices Reach Historic Highs in JulyData from Rentals.ca and Urbanation reveals that the average asking rent in Canada hit $2,078 in July, marking a nearly 9% increase compared to the same month last year. This surge in rent prices is the fastest pace of growth in the past three months, with a 1.8% increase between June and July alone. Experts predict that rent prices may continue to rise, with some speculating that average asking rents in Ontario could reach $3,500 next year.
Read more »
Canadian Real Estate Market Experiences Rapid Rent IncreasesThe average asking rent in Canada has increased by 1.8% between June and July, marking the fastest month-over-month increase in the past eight months. Compared to July 2021, the average asking rent has risen by 21%, adding an average of $354 per month. Experts predict that the average asking rents in Ontario may reach $3,500 next year. Tenants are increasingly shocked by the rent increases proposed by landlords, leading to a growing housing crisis in the country.
Read more »