Average Canadian rental prices continue to soar
The average price for rent continues to soar in Canada.
A new report by Rentals.ca states that the average Canadian rent price has reached over $2,100 in October, with Toronto's rent being one of the most expensive at just over $2,600 monthly for a one bedroom unit.
Windsor was ranked 28th most expensive out of 35. The average price for a one bedroom unit was just over $1,500, seeing a nearly 11 per cent increase compared to last year. While a two bedroom unit was just under $2,000, seeing a 7.1 per cent increase from 2022.
Speaking on AM800's The Shift, Giacomo Ladas, Communications Manager at Rentals.ca, says that the reason so many people are trying to live in an apartment is due to low production on affordable housing across the country.
He adds that many individuals can't afford to even live in an apartment, forcing them to find roommates to afford rent.
Ladas says in Windsor it is still expensive, but nearly as bad as other areas.
"We're about over $1,000 cheaper than we are in Toronto, or Vancouver. We're actually even below the national average of $2,100. So while it is expensive still in Windsor, I guess you can rest a little bit assured that it's not as much as other places, or even the average right now."
He says people can't afford these incredibly high rental rates.
"And what's happening is we're seeing a really high-low of interprovincial migration, so people are leaving these provinces in search for cheaper rent. Or they're looking for other living accommodations such as living with a roommate, which our report talked a little bit about, saying that listings have gone up about 40 per cent for roommate accommodations."
He says the issue is there is low production in new housing.
"This is creating a burden on the rental housing market and as a result we have a lot more people who are competing for these rentals. I always thought as a renter as somebody who moved out of their parents for the first time, or they want to live with their significant other. But, that's not the case anymore. Renters are couples with kids who have two stable jobs, the landscape is completely different."
The annual rate of rent growth in Canada was 9.9 per cent in October, moderating slightly from the 11.1 per cent annual pace in September but representing the second fastest annual increase of the past seven months.
Vancouver and Burnaby, British Columbia were the only two major Canadian cities that are more expensive than Toronto.
-with files from AM800's The Shift with Patty Handysides