The average monthly rent across the country is rising by about $100 every month.
According to ‘rentals.ca’, which tracks rental market trends, the national average monthly rent last month was $2,117, up 9.6% from the same period last year. It is at an all-time high.
Additionally, since May, the national average monthly rent has increased by $103 per month. Experts diagnosed that monthly rents are soaring due to population growth and rising housing prices.
As housing prices rise and people who have difficulty purchasing their own home flock to the rental market, competition to find an apartment in big cities has intensified.
Last month, the average monthly rent in Ontario was $2,496, and the average monthly rent for a one-bedroom in Toronto was $2,600.
Professor Steve Pomeroy, who lectures on housing policy at McMaster University in Hamilton, said there is no silver bullet that will solve the monthly rent problem in the short term. He pointed out, “Unless the supply of rental housing increases dramatically, there is no way to suppress the rise in monthly rents,” adding, “This is the reality in Canada.”