Money Rental rates soar by double digits in half of Canada's largest cities

21:06  17 may  2018
21:06  17 may  2018 Source:

Here are provinces, cities in Canada with the highest and lowest rent

  Here are provinces, cities in Canada with the highest and lowest rent Nearly two in 10 renters spend over half of their income to keep a roof over their heads, new data shows.Some 4.4-million adults and families in Canada live in rental housing, making up just under a third of total households. But being a renter in many areas of the country isn't easy, data from a new national rental database show.

Rental rates have spiked in the city in the past year, a phenomenon seen in all three of Canada ' s largest cities , according to data from Padmapper. Other cities , including Halifax, London and Sherbrooke, saw double - digit price increases as well.

But in cheaper cities , rents soar . In April, asking rents for two-bedroom apartments declined from their respective peaks And few of them received a corresponding double - digit pay increase. Yet rental rates are half the monthly cost of buying. The millions of cash flow negative landlords attest to this.

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In New York City , the second most expensive rental market, rents are plunging even faster. He pointed out that from 2011 through 2015, rents in Silicon Valley soared 64%, though they’re now declining But big rent increases, some well into the double digits , are migrating to other large cities .

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The cost of renting an apartment is climbing rapidly in many of Canada's largest cities, led by Toronto and nearby places, new data shows.

Vancouver reclaimed its spot in April as the priciest city in Canada in which to rent an apartment, rental site Padmapper said, with the average price of a one-bedroom apartment hitting $2,100, slightly ahead of Toronto's $2,080.

Padmapper indexes data from "hundreds of thousands of active listings across the country." It excludes short-term and Airbnb listings.

Rents for one-bedroom apartments in Vancouver were up a solid 8.2 per cent over the past year (though two-bedroom apartments have actually fallen slightly in price, to $3,200).

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In the third most expensive large rental market in the US, San Jose, median asking rent for a Rents in the Bay Area cities of San Francisco, San Jose, and Oakland are all down from their respective But in some less expensive rental markets, asking rents are soaring in the double digits , and this

Landlords scramble. But in cheaper cities , rents soar . But in some "mid-tier" markets (in terms of how expensive rents are), rents are soaring by the double digits . This table of median asking rents and their year-over-year changes in the most expensive large rental markets in the US is

But that's nowhere near the spike in rental rates seen in Toronto and surrounding areas. One-bedroom rents are up 15.6 per cent in a year in the city, the strongest price growth among 26 municipalities measured.

Thanks primarily to spikes in rental rates in southern Ontario communities like London and St. Catharines, half of the cities surveyed by Padmapper have recorded double-digit rental rate increases over the past year.

Rental market observers say those southern Ontario cities are experiencing "spillover" from the hot Toronto real estate market.

Rapidly rising house prices in recent years have forced many would-be home buyers to stay put in rental housing for longer than they otherwise would have. That increased demand for rental housing is putting upward pressure on prices, experts say.

At the same time, Toronto's rising house prices have convinced some buyers to move further away, to nearby cities like Hamilton and Kitchener-Waterloo, which have seen house prices jump in recent years. That increase in demand has put pressure on rental rates in those cities.

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Now it appears that the nearly half of the city ’ s residents who rent their homes could also see runaway price growth . It’ s the highest rate of growth ever recorded in Urbanation’ s survey, and more than double the pace of a year earlier. But while prices were soaring , the supply of rental condos was

However, some other cities on the top 12 list saw large year-over-year rent increases, particularly Washington DC, where rents rose in the double digits from a year ago. So depending on where people live, their rents might be soaring .

Rising rental rates are becoming a political issue, as some municipal leaders call for more action to be taken on the "housing crisis."

A recently released Canadian Rental Housing Index, which uses data from the 2016 census, found that four in 10 renter households spend more than 30 per cent of their income on rent and utilities, the cutoff line for affordability according to Canada Mortgage and Housing Corp.

More alarmingly, the index found that nearly a fifth 18 per cent of Canadian renters spend half or more of their paycheques on rent. The index's authors called that a "crisis level" of spending that puts people "at risk of homelessness."

Earlier on HuffPost Canada:

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The index found that rental affordability problems are more widespread than the affordability problems in the owner-occupied market.

While affordability has reached historically poor proportions specifically for homebuyers in Toronto and Vancouver, renters are facing affordability problems right across the country, the index found.

The share of renters who spend half their income on housing is only slightly higher in Toronto and Vancouver than it is in Canada as a whole, the data showed.

This article originally appeared on AMP: HuffPost Canada at

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