$3,000 for a one bedroom? Experts say this will be the norm
May 11, 2023 | Posted by: Kiruban Kana
Experts predict that the rental market in Canada will continue to rise due to factors such as increased immigration targets and limited #housing availability. In major Canadian cities like Vancouver and Toronto, the average rent for a one-bedroom condo has already exceeded $2,500. For instance, in March, the average cost in Toronto was $2,506, which represents a significant 22% increase compared to the previous year. Experts forecast that by 2030, the average price for a one-bedroom condo in #Toronto could surpass $3,000.
A similar trend can be observed on the west coast, where Vancouver experienced a year-over-year increase of 17.3%, with the average price reaching $2,743 in March. Experts believe that Vancouver could witness prices surpassing $3,000 within the next seven years due to various factors, including inflation, limited housing supply, and rising wages.
Despite the high rental costs, individuals employ strategies to manage their housing expenses. This includes living with roommates or relocating to areas outside major cities. However, experts do not anticipate a return to affordable housing levels, as foreign ownership and generational wealth contribute to the high prices. Consequently, this affordability crisis may lead to a lack of population growth in major cities, as individuals seek job opportunities in areas where housing is more affordable.#growth#housing#immigration#jobopportunities#torontorealestate#rentalmarket
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Kiruban Kana | Vice President & Mortgage Agent level 1 416-219-4820 | kiruban@coffeeandMortgage.ca summarized from: https://www.bnnbloomberg.ca/3-000-for-a-one-bedroom-experts-say-this-will-be-the-norm-1.1917865?utm_campaign=trueAnthem+Manual&utm_medium=trueAnthem&utm_source=facebook
