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Money Rental rates soar by double digits in half of Canada's largest cities

21:06  17 may  2018
21:06  17 may  2018 Source:   huffingtonpost.ca

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The cost of renting an apartment is climbing rapidly in many of Canada ' s largest cities , led by Toronto and nearby places, new data shows. That increase in demand has put pressure on rental rates in those cities . Rising rental rates are becoming a political issue, as some municipal leaders call for

The cost of renting an apartment is climbing rapidly in many of Canada ’ s largest cities , led by Toronto and nearby places, new data shows. Read the full story here. CHF Canada is the nation-wide umbrella organization for co‑op housing and Canada ’ s link with co‑op housing around the world.

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The cost of renting an apartment is climbing rapidly in many of Canada's largest cities, led by Toronto and nearby places, new data shows.

Vancouver reclaimed its spot in April as the priciest city in Canada in which to rent an apartment, rental site Padmapper said, with the average price of a one-bedroom apartment hitting $2,100, slightly ahead of Toronto's $2,080.

Padmapper indexes data from "hundreds of thousands of active listings across the country." It excludes short-term and Airbnb listings.

Rents for one-bedroom apartments in Vancouver were up a solid 8.2 per cent over the past year (though two-bedroom apartments have actually fallen slightly in price, to $3,200).

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There was further sign of stabilization in Canada ' s largest housing market in May, with the average selling price rising for a fifth consecutive month as the region's real estate board warned competition is intensifying among Rental Rates Soar By Double Digits In Half Of Canada ' s Largest Cities .

Rental rates soar in half of Canada ' s largest cities : reporthttps to-put-air-conditioning-on-says- city .html … via @torontostar. Rental Rates Soar By Double Digits In Half Of Canada ' s Largest Citieshttps

But that's nowhere near the spike in rental rates seen in Toronto and surrounding areas. One-bedroom rents are up 15.6 per cent in a year in the city, the strongest price growth among 26 municipalities measured.

Thanks primarily to spikes in rental rates in southern Ontario communities like London and St. Catharines, half of the cities surveyed by Padmapper have recorded double-digit rental rate increases over the past year.

Rental market observers say those southern Ontario cities are experiencing "spillover" from the hot Toronto real estate market.

Rapidly rising house prices in recent years have forced many would-be home buyers to stay put in rental housing for longer than they otherwise would have. That increased demand for rental housing is putting upward pressure on prices, experts say.

At the same time, Toronto's rising house prices have convinced some buyers to move further away, to nearby cities like Hamilton and Kitchener-Waterloo, which have seen house prices jump in recent years. That increase in demand has put pressure on rental rates in those cities.

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Asking rents are soaring in the high single digits and even in the double digits in many "mid-tier" markets - "mid-tier" in terms of the magnitude of the Note the three cities in North Texas (Dallas, Irving, Fort Worth) on the list. Plano, north of Dallas, didn't quite make the double - digit list with rent

Viimeisimmät twiitit käyttäjältä Owe Canada (@Owe_ Canada ): "Is It Possible to Live Without Debt In Today’s Bank of Canada expected to hold steady on interest rates : Central bank's Vancouver tops the list: " Rental Rates Soar By Double Digits In Half Of Canada ' s Largest Cities ". http

Rising rental rates are becoming a political issue, as some municipal leaders call for more action to be taken on the "housing crisis."

A recently released Canadian Rental Housing Index, which uses data from the 2016 census, found that four in 10 renter households spend more than 30 per cent of their income on rent and utilities, the cutoff line for affordability according to Canada Mortgage and Housing Corp.

More alarmingly, the index found that nearly a fifth 18 per cent of Canadian renters spend half or more of their paycheques on rent. The index's authors called that a "crisis level" of spending that puts people "at risk of homelessness."

Earlier on HuffPost Canada:


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The index found that rental affordability problems are more widespread than the affordability problems in the owner-occupied market.

While affordability has reached historically poor proportions specifically for homebuyers in Toronto and Vancouver, renters are facing affordability problems right across the country, the index found.

The share of renters who spend half their income on housing is only slightly higher in Toronto and Vancouver than it is in Canada as a whole, the data showed.

This article originally appeared on AMP: HuffPost Canada at https://www.huffingtonpost.ca/2018/05/16/rental-rates-canada-april-2018_a_23436309/

By the numbers: Steel, aluminum in Canada .
The Trump administration says it will go ahead with plans to hit Canada, Mexico and the European Union with hefty tariffs on steel and aluminum, effective midnight Thursday night. Here are some facts and figures about the steel and aluminum industries in Canada:STEELProduction: About 13 billion tonnes a year.Sales: About $14 billion.Jobs: 22,000 direct, 100,000 indirect.Exports: About half of Canada's production is exported, mostly to the U.S.Location: Steel is produced in five provinces, but production is concentrated mainly in Ontario.Tariff: U.S. plans to impose 25 per cent tariff on steel from Canada.

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