In April, Ottawa rents climbed 15-per-cent year over year, while Edmonton saw an 11.8-per-cent climb and Montreal logged a 10.7-per-cent increase
“Virtually every area in Canada is experiencing an increase,” Urbanation president Shaun Hildebrand said in an interview. “Fundamentally, this comes down to the housing supply but also the shock in interest rates and high housing costs that impact generational affordability.”
The report found Oakville, Ont., to be the most expensive medium-sized rental market, with average monthly prices for condo rentals and apartments sitting at $3,413. Trailing closely behind in this category were Burnaby, B.C., at $2,894, and neighbouring Coquitlam as well as Richmond, both with average rents above $2,700. Outside of Ontario and B.C., Halifax was the only medium-sized town to make the top 25 list of cities with the most expensive average rent at $1,999.
“There’s also a direct correlation between rent inflation and immigration because a lot of immigrants rent when they first come,” Mr. Hildebrand said. “But ultimately, the demand side will always continue to grow – we need the supply side to catch up.”
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