Rental search in hot market causing stress for many: ‘There’s just not enough’

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Giacomo Ladas, communications director for Rentals.ca, says the difficulties in the current rental market across the country aren't likely to ease up soon.

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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