If youâve been following the news lately, you may have seen reports that asking rent in Canada is finally starting to cool down after several years of steep increases.
In some cities, prices have eased a little, and some landlords are even offering incentives to attract new tenants.
But national averages donât always reflect whatâs happening in your neighbourhood.
So, Iâm curiousâŚ
Whatâs the rental market like where you live? Are you noticing rents coming down, or does finding an affordable place still feel just as challenging?
If youâre comfortable, share your city and what youâve been seeing.
It seems to be cooling in the largest markets, but in places like Edmonton, it is still going up. I am an homeowner and a landlord, and I make an effort to keep my property affordable, as I can only imagine how much it sucks for renters these days.
The marketing team should know my city, but here in Ontario I would say rent is pretty tough, almoat impossible to keep up with depending on the locationâŚ
The average wage does not match the rent prices, and employers do flex around rent due dates, any youthful adult without generational wealth or a high income salary will be living off of their credit month to month, and will most likely build up debt.
This would be the same for newcomers to Canada.
Older generations struggle too, but from what I can tell theyâve had a head start before the econemy has dipped.
Millennials are struggling with these issues as well.
This information comes from personal experience and prespective, along with communicating with those dealing with similar struggles in my community, thus it is my personal opinion and does not include market research data.
Personally I havenât seen a decline in rental prices in St. Johnâs and actually have seen a drastic incline. For example, I rented an apartment outside the city centre in 2019 for $1,100 a month which at that time included all utilities. Fast forward to this year and that same apartment is renting for $3,250 without utilities included and from what I could see from the pictures there were no real upgrades to warrant that price increase. Even to rent a room in a shared student accommodation Iâm seeing prices like $1,000-1,500 now where as before the same rooms were renting for $400-$500 a month.
