Photo: James Bombales
While Toronto renters continue to pay some of the highest rents in the country, you might be surprised to learn that they’re not growing all that quickly. In fact, Toronto one-bedroom rents dropped 1.0 per cent from October to November this year.
So which city has the fastest growing rent? According to PadMapper’s 2017 November Rent Report, rents for one-bedroom apartments in Kingston rose 5.3 per cent month-over-month to $990.
Rent for a two-bedroom apartment in the city jumped 5.4 per cent to $1,190, rising faster than any other Canadian city.
November saw rents rise across Ontario. Hamilton’s median one-bedroom rent rose 2 per cent to $1,040, while Kitchener’s rose 1.0 per cent to $1,000, and St. Catharine’s rose 4.4 per cent to $940.
The rising rents come at a time when more and more Canadians are choosing to delay homeownership. According to data from Statistics Canada, only 50.2 per cent of 30-year-olds were homeowners in 2016, with many would-be buyers priced out of expensive markets.
What’s more, purpose-built rental applications appeared to stall after the introduction of Ontario’s Fair Housing Plan in April. A report commissioned by the Federation of Rental-housing Providers of Ontario found that more than 1,000 planned purpose-built rental units had been converted to condos since the policy came into effect.
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The report also found that 20,000 of more than 28,000 planned purpose-built rental units in the GTA were under review as a result of the policy change.
“In order to create the amount of units needed to address affordability issues in the market, we feel that purpose-built development needs to be twice as high as it is right now,” Urbanation senior vice president Shaun Hildebrand told BuzzBuzzNews.
Toronto still had one of the highest median rents in the country, if not the fastest growing. The average rent for a one-bedroom apartment fell slightly to $1,920, while rent for a two-bedroom rose 0.40 per cent to $2,440.
Those looking for cheaper options in Ontario could look to Windsor, which came in at a mere $670 for a one-bedroom apartment, while a two-bedroom apartment is a low $900.
Padmapper analyzes rental data from active listings on its site on a monthly basis to calculate median asking rents for Canada’s top 25 metro areas.