Many new immigrants or international students plan to rent in Canada. So, what is the current state of the rental market in Canada? Foreign media has released a set of the latest rental data, studying the rental situation in major cities across Canada in 2017.
Rent in Different Cities: A Tale of Two Extremes
Related rental reports indicate that Vancouver and Toronto remain the two pillars of the Canadian housing market, dominating the scene with consistently high rental prices, maintaining the top two positions nationally, and showing a steady upward trend in rental prices due to strong market demand.
Vancouver continues to hold a dominant position, with the average rent for a one-bedroom unit in 2017 being approximately CAD 2,000, an increase of about 7% compared to the same period last year.
The second highest rental city in the country is also Toronto in Ontario, where the average rent for a one-bedroom unit in June was CAD 1,790, rising 2.3% compared to the previous month and 14.7% compared to a year ago.
In addition to Vancouver and Toronto, which have a dense population of Chinese residents, other more remote cities have relatively lackluster housing prices and rents, creating a stark contrast, with some rents even showing a downward trend.
One-Bedroom vs. Two-Bedroom: The East Rises While the West Falls
Not only is there a differentiation in the rental market of cities, but also in the rental market for different unit types, showing a distinct contrast of "the east rises while the west falls."
For two-bedroom units, the average monthly rent in June for a two-bedroom unit in Vancouver was CAD 3,150, a decrease of 2.8% from May, and a slight drop of 0.9% compared to a year ago. In contrast, the price for one-bedroom units in Vancouver has increased compared to previous years.
Similarly, in Victoria, the average rent for a one-bedroom unit is CAD 1,180, ranking third in the country, also showing significant growth.
The Canadian economy continues to grow, and the scope of growth is expected to expand further. Data shows that over 70% of industries are expanding, and many investors remain optimistic about Canada's economic prospects, believing that now is a good time to invest in Canada, especially in Canadian immigration investment as a means of obtaining residency, which is currently experiencing a boom.
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