Recently released data by the Toronto Regional Real Estate Board has revealed that the average rent for a one-bedroom apartment, the most common type of rental abode, increased by 20 per cent year-over-year in the second quarter of 2022. The rents for two- and three-bedroom apartments increased by 15.3 and 12.8 per cent, respectively.
Townhouses constitute the other type of housing that is popular among renters. The increase in townhouse rents was relatively lower, with two-bedroom townhouses increasing by 11 per cent over the past year. However, trends in there were not uniform, with the number of leased three-bedroom townhouses increasing by 25 per cent in the second quarter compared to a slight decline in two-bedroom rental townhouses.
Another contributing factor is teleworking, which allowed many to work remotely from home during the pandemic. As a result, some workers gave up relatively smaller yet expensive leases near central employment hubs for cheaper and larger dwellings in smaller towns. With employers calling their workers back to offices, the demand for rental properties near employment hubs has been increasing, putting pressure on rents.
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Prices are falling but rents are rising in Canada's paradoxical housing marketAn unintended consequence of falling prices is the increased pressure on rental housing, write Murtaza Haider and Stephen Moranis. Read on You need to do more research work on this article. Look at the inflation input variables. Its pretty sad Canada has gotten so bad that the slaves who build the condos couldn't in their wildest dreams ever afford to live in one!
Source: financialpost - 🏆 7. / 85 Read more »
Prices are falling but rents are rising in Canada's paradoxical housing marketICYMI: Prices are falling but rents are rising in Canada's paradoxical housing market — via financialpost RealEstate Mortgages HousingMarket financialpost lol. When majority of the mortgages doled out from 2020 on were VRM, what did you expect from leveraged landlords that shouldn’t have been able to buy so many rental properties, but were hand fed by the BoC and the libs inaction. It’s not paradoxical with rates rising now 🤣
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Prices are falling but rents are rising in Canada's paradoxical housing marketICYMI: Prices are falling but rents are rising in Canada's paradoxical housing market — via financialpost RealEstate Mortgages HousingMarket financialpost Prices are falling?, but mortgage rates are up, house taxes are up, insurance is up, rents are rising. Thing are out of control… that’s the headline. financialpost Because of inflation and higher mortgage interest rates financialpost Record immigration and widespread room-sharing (2-4 adults per bedroom) might have something to do with it. Easier to split cost of a 1BR 4 ways, after all. The only way rent will be affordable is if demand decreases and the current government does not aim to facilitate that.
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