Canada needs more housing as rent shows percentage growth in double digits
A new report from real estate website Zumper has revealed that rent is, in fact, too damn high, and housing is too damn limited.
The rate of rate across the nation grew in double percentage digits, and no cities were spared — rent did not dip anywhere.
Of all the cities that saw soaring rent, Calgary stood at number one, with a whopping 39% increase for a one-bedroom apartment.
In comparison, rent in the US has seen some flattening over the last few months.
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Between 2016 and 2021, Canada saw a large influx of immigrants opting for permanent residence. This record-high wave of settlers meant home options thinned out significantly.
“This new population drives up demand and competition for housing as well. With high interest rates, another factor at play, many consumers are staying in the rental market for longer, which lowers vacancy rates and puts upward pressure on rent prices,” reads Zumper’s report.
As demand heightens, supply keeps dipping in contrast. The country will need more housing if it wants rent to stabilize.
Four of the top five cities with the most expensive rent are in BC.
Vancouver is currently Canada’s most expensive city for rental housing. One-bedroom rent went up by 2%, reaching $2,550, and two-bedroom units have touched a sky-high average rent of $3,600 a month — that’s a 19.2% increase since 2022.
In second place is Toronto, with one-bedroom rent climbing 2.2% to $2,350. A two-bedroom unit right now will cost you $3,000 a month, also showing a year-over-year rent increase of 20%.
Burnaby, Victoria, and Kelowna followed with one-bedroom rents of $2,300, $2,060, and $1,910, respectively, showing a trend of rising unaffordability in BC housing.
Are you based in a city where rent has become more and more expensive over the last few years? Let us know how things have changed for you in the comments, or email us at [email protected] to share your personal story or drop tips pertaining to rising rents.