After not raising rates for almost seven years, the Bank of Canada surprised many by increasing its benchmark interest rate this month by another +0.25 to 1.0%.
This new interest rate increase is the second 0.25 basis-point increase since July, and it is also now widely expected that another +0.25 is to be expected in October.
Source: Bank of Canada
With Canada’s Housing and Rental Markets already having been a hot news topic for Canadians over the past decade with housing prices continued rising pricing year-over-year, the new interest rate hikes which have already lead to higher mortgage rates, has created a very anxious environment for many Canadians, and a topic of much discussion for many economists, banking institutions, policy makers, and media commentators.
RentSeeker.ca, one of Canada’s largest and most popular real estate listing and reporting websites, today published a new INFOGRAPHIC showing the average cost of rents and housing prices across all 10 provinces and 3 territories with a newly released affordability index showing how much average income per household is spent on housing.
British Colombia tops the list with 24% of income spent on housing costs, with Ontario following in close second with 23%. View all the data points for all 13 provinces below:
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About us: RentSeeker.ca is one of Canada’s largest online real estate listing and reporting sites and has been featured on; Global News, CTV News, Huffington Post, MoneySense Magazine, BNN, Globe and Mail, The Toronto Star, CBC News, Financial Post, and CNBC.
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