According to a recent rental market survey done by the Canada Mortgage and Housing Corp. Vancouver is home to the highest average rents in all of the great white north. Couple that with the fact that houses in the city now average over a million dollars and you can see why people flee to the Fraser Valley.
Here is how the top five stacked up:
- Vancouver, at $1,181
- Toronto, at $1,124
- Ottawa-Gatineau, at $1,056
- Calgary, at $1,040
- Edmonton, at $1,029
Don’t look for this to change anytime soon because anytime a developer proposes a project with substantial rental units it’s met with criticism from the neighbourhood members trying to protect the last little bit of perceived utopia that they live in. The city needs to explore taller buildings outside the downtown core to accommodation renters.