Paying rent in Canadian cities is a tragedy. And it’s going to get worse!
According to a trio of reputable sources, average rents in Canada are expected to increase by 3% in 2020.
Most affected will be residents of Toronto, which could see rents rise by up to 7%. Even Montreal isn’t safe, where rents could jump by 5% this year. Ottawa is expected to see a 4% increase and Vancouver 3%. You know what probably won’t increase by seven, five, four, or even three percent? Your wages.
There’s good news in Alberta, though: rents in Calgary and Edmonton could decline by 1%.
While this is all pretty discouraging, 2019 was hella worse. Last year saw average rents increase by 9.4%, which is insane. Toronto is Canada’s most expensive city for a one-bedroom, which will set you back $2,314 on average. The most expensive two-bedroom market is Vancouver, where such a place can be had for $3,058 a month.
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Despite an undersupplied rental market, several factors are expected to contribute to a slowing rise in prices. These include the mortgage stress test, expanded rent control, tighter AirBnB legislations, rapid population growth, and record rental housing construction.