It’s becoming harder for Canadian renters to make ends meet as rents in many markets surge.
Of 24 cities analyzed by Padmapper, 17 saw double-digit growth in rents year-over-year in December for one and two bedroom properties.
Month-over-month there was growth for rents in 8 cities, 7 dropped, and 9 were flat. St Catharines saw the largest rise (5.3%) while Halifax and Regina saw the largest decline (5.5%).
Padmapper’s research shows that the median rent for a 1-bedroom apartment in December was $2,260 with Vancouver at $2,130, and Burnaby at $1,570.
Vancouver to open renters office
With rents set to continue their upward journey in many markets, Vancouver has announced the first step in its plan to open a new renters office.
With rents set to continue their upward journey in many markets, Vancouver has announced the first step in its plan to open a new renters office.
The city has hired its first staff member and set up a Renters Enquiry Line on 604-673-8291.
The newly-hired Renter Advocacy and Support Services Officer will work to coordinate staff to improve City services for renters; collaborate with and support external community-based renter serving organizations and work with rental advocates to support renters impacted by renovation and redevelopment.
“We understand the extreme pressure renters in Vancouver face, which is why we are taking action to add immediate supports for renters at the City,” said Sandra Singh, General Manager of Arts, Culture and Community Services. “The majority of households in Vancouver rent. A Renters Office helps us ensure these households have a place at the City to access timely information and receive support in exercising their tenancy rights under Provincial and City policies.”
Source: https://www.canadianrealestatemagazine.ca/market-update/canadian-rents-are-rising-by-doubledigits-says-padmapper-253001.aspx
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