Canada’s rental crisis is getting worse, according to a new report that found the average asking price for rent in September was $2,149 — up by more than 11 per cent compared to a year ago.
That’s according a data analysis of tens of thousands of new rental listings across the country from Rentals.ca and real estate consulting and research firm Urbanation.
And according to the September report, average rents aren’t just headed up — they’re increasing at their fastest pace this year.
While the general national trend is pricier rents, the situation is playing out differently in individual markets.
Toronto remains one of the most expensive in the country, with the average cost of a one-bedroom property now at $2,614 a month. But the pace of rent hikes in the Ontario city has slowed considerably in recent months, and was down by 0.2 per cent from August’s level. Compared to one year ago, Toronto rents are up by 4.9 per cent.
The same pen can be used by the feds to start buying and renting affordable housing … seeing as the provinces don’t seem to be doing anything except taking Ottawa’s money.
Buying up existing stock and renting it for below market will neither affect supply nor demand. Housing prices are what they are because we do not have enough housing for our population. We need to build more (and denser) housing.
Building more, and building social housing in particular, is absolutely necessary. At the same time, building takes a long time to meet demand, while reducing demand can be instantaneous.