Data crunched by his organization and research firm Urbanation.ca shows average asking rents for newly-listed units in Canada increased 1.8 per cent between July and August and 9.6 per cent from a year earlier to reach a record high of $2,117 last month.
“If you want a basement suite or an apartment, you’re looking at minimum $1,200 and that doesn’t include any utilities or anything like that unless it’s a super rare listing,” Giesinger said.Calgary’s hot rental market drives renters to other parts of Alberta Newly-listed one-bedroom properties in Vancouver averaged $2,988 in August, up 13.1 per cent from a year earlier, while two-bedroom units hit $3,879, an almost 10 per cent increase year-over-year.
The public relations worker has been living in Mississauga, Ont., but felt it was time to find a home in downtown or midtown Toronto, closer to where she works. Despite the nudge down, Rishi Sondhi, an economist with TD Bank Group, said it has been a strong year for starts because the industry is responding to elevated prices by building at a robust pace.
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