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.
I live and am active in co-op housing in my area.
It's the only proven sustainable solution to affordable housing.
Any city in Canada, the least expensive housing is co-op housing.
There's virtually no discussion of co-ops in the media.