Toronto renters leaving the downtown core during the pandemic likely intensified rising rent prices in one Ontario city.
A new report from Rentals.ca and Bullpen Research & Consulting found that rent prices in Kitchener jumped 14% year-over-year in 2020 to $1,632 and then went up another 15% in 2021 to $1,881 — a total increase of 31% over the past two years.
“Kitchener has become extremely popular in recent years, likely amplified by the pandemic-induced exodus from downtown Toronto,” the report reads.
Out of all the municipalities across Canada that were studied for the report, Kitchener has seen the biggest rent increases. In fact, in 2020, while Kitchener was experiencing its 14% price growth, every other major city across the country was seeing rent prices drop. Toronto renters experienced the biggest drop, with prices falling by a staggering 17% to $2,155.
And in 2021, as Kitchener’s prices shot up 15%, Ontario’s other cities were also seeing prices go up, albeit much more slowly. Toronto’s prices are up 4% year-over-year, Ottawa’s are up 3%, and Oakville’s are up 2%.
- You might also like:
- These tiny houses are for sale in Toronto for as low as $26,000
- These Toronto condos are all on the market for under $400,000 (PHOTOS)
“Rental rates across Canada are on the path to recovery after a tumultuous 2020, posting steady increases over the past several months — good news for landlords and bad news for tenants who are already experiencing inflation elsewhere,” the report reads.