With the real estate market in Canada booming and the Bank of Canada’s recent cut in interest rates, the Canadian housing market looks like it might continue to surpass current levels – contrary to the many critics who have been expecting to see a downturn or even what some are expecting to be a “crash” in the housing market for a while now.
This overview captures the current cost of renting an apartment in Canada with a clear infographic.
So how does this impact the Canadian apartment industry? Well, while existing tenants are protected from annual increases above the limits set by each Province (for example, in Ontario, the 2016 increase allowed is 2.0%), new tenancies are not covered under rent control, allowing landlords to charge whatever price the market demands for their rental properties.
With the majority of renters starting their apartment search online, RentSeeker.ca, one of Canada’s largest and most visited online apartment finders, has put together an INFOGRAPH showing the average costs for apartment rentals in cities across Canada.
The new INFOGRAPHIC by RentSeeker is a great tool for renters to assist with researching and comparing prices for studios and bachelor apartments, one-bedroom apartments, two-bedroom apartments and three-bedroom apartments in Toronto, Ottawa, Montreal, Vancouver, Edmonton, Winnipeg, Edmonton, Halifax, Kingston, Hamilton, London, and many more cities in Canada.
(Click the INFOGRAPHIC to Enlarge)