Tag: housing
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Canada’s Rental Prices Drop: Key Insights from Rentals.ca December 2024 Rent Report
In November 2024, Canada’s residential rental market experienced a notable decline, with asking rents falling to a 15-month low of $2,139. This marks a 1.6% decrease compared to the previous year, following a 1.2% drop in October. Despite this decline, rents in Canada are still higher than two or three years ago, reflecting long-term growth…
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Canada Allocates $50 Million to Crack Down on Airbnbs and Short-Term Rentals
The Canadian government is taking significant steps to address the housing crisis by investing $50 million in the Short-Term Rental Enforcement Fund. With approximately 235,000 short-term rental units, including Airbnbs and Vrbos, operating across the country, this initiative aims to bring non-compliant properties back into the long-term housing market. The Goals of the Short-Term Rental…
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Toronto Proposes Down Payment Assistance for High Earners in the 80th Income Percentile
Toronto is considering a new housing initiative that could help higher-income earners in the 80th percentile of incomes buy homes by providing down payment assistance. This program aims to make homeownership more attainable for residents who earn between $125,000 and $150,000 annually but still struggle to afford homes in the city’s competitive market. If implemented,…
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Here’s the Income Bracket You Need to Afford a Home in Major Canadian Cities
Canada’s housing market is one of the priciest in the world, leaving many wondering: How much do I need to earn to afford a home in cities like Toronto, Vancouver, or Calgary? The good news? Dropping mortgage rates, higher inventory, and flexible sellers are making homes slightly more accessible. The bad news? Prices in most…
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How Much You Need to Earn to Afford Rent in Toronto vs. GTA Suburbs Right Now
If you’re planning to move to Toronto or the surrounding suburbs, understanding rental costs is crucial. The November 2024 rent report by liv.rent shows interesting trends, including a drop in Downtown Toronto rent prices for the fifth consecutive month. Surprisingly, Markham has overtaken Toronto as the most expensive spot for rent in the GTA. Highlights…
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88% of Canadian Renters Say Owning a Home is an “Unreachable Luxury”
Canada’s housing crisis is impacting lives across the nation, whether you rent or own a home. What was once a standard aspiration—owning a home—now feels like an unattainable luxury for most Canadians. From skyrocketing rents to increasing reliance on food banks, the effects of the cost-of-living crisis are felt deeply. Households are grappling with record…
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Canada’s New Immigration Caps Could Lower Rent and Address Housing Shortages
In a major policy shift, Canada has announced cuts to immigration targets, aiming to ease economic pressures—particularly in the housing market. The government’s revised immigration plan will lower the cap on permanent residents and set limits on temporary residents, a move that is expected to have significant impacts on housing demand, particularly in rental markets.…
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Canadian Rents Fall for the First Time in Over Two Years
For the first time since July 2021, Canadian rental prices have experienced a year-over-year decline. The October 2024 Rentals.ca Rent Report shows a 1.2% annual drop in average asking rents across Canada, with the national average now sitting at $2,152. The decline signals a potential shift in Canada’s rental market dynamics, especially in previously high-demand…
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Average Rent for a 2-Bedroom Apartment in Toronto Could Soar to $5,600 by 2032
Toronto’s rental market is set for a significant price surge, with predictions pointing to a staggering 72% increase in rent by 2032. A recent study from Concordia University forecasts that average two-bedroom rents in Toronto could reach $5,600 per month by 2032, a sharp rise from the current rates. In the nearer future, rents are…
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How much it costs to rent in Canadian cities right now
Rentals.ca just launched their October 2024 Rent Report and here’s everything you need to know. In September 2024, average asking rents across Canada for all residential property types saw a modest 2.1% increase year-over-year, reaching $2,193. This marks the smallest annual rent increase since October 2021, highlighting a slowdown in the rapid rent growth we’ve…
Canada Housing Market 