Adapting to Canada’s soaring rental market

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If you’re thinking about moving with movers in Toronto, it’s important to know about the latest changes in rent prices across Canada. Lately, renting a place has become more expensive. In October, the average rent went up to $2,178, which is almost 10% higher than last year. This increase isn’t just a one-time thing, it’s been happening for six months in a row now. Understanding these changes in rent prices is really important, especially if you’re planning to move. This article will give you a clear picture of what’s happening with rent prices in Canada and some helpful tips on adapting to Canada’s soaring rental market if you’re looking to move.

Recent trends in rental prices

In the past few months, finding a place to rent in Canada has become more expensive than ever before. The average rent for places across the country reached $2,178 last month. This is not just a small increase- it’s almost 10% more than what it was at the same time last year.

This rise in rent prices isn’t something new. For the past six months, every month, the rent has been going up. It’s part of a trend that’s been happening for a while now. Even though the rent went up a lot in September (11.1%), in October, it was a bit less (9.9%). But it’s still a big jump from last year.

city of Toronto
As rental prices rise in Canada, understanding these changes is crucial for anyone planning to move, especially in major cities.

In October, if you were looking for a one-bedroom place, you’d have to pay around $1,906 on average. That’s 14% more than last year. And for a two-bedroom place, the average rent was $2,255, which is almost 12% higher than the year before.

City-specific insights

When it comes to renting in Canada, not all cities are the same. Some places are much more expensive than others. Let’s take a closer look at a few cities:

  • Vancouver: This city is at the top when it comes to high rent. For a one-bedroom place, the average rent is $2,872, and for two bedrooms, it’s $3,777. Even though these prices went down a bit from September, they are still about 6% to 7% higher than last year.
  • Toronto: Toronto follows right after Vancouver. Here, you’ll pay about $2,607 for a one-bedroom and $3,424 for a two-bedroom apartment.
  • Calgary: This city is leading the way in terms of how fast rents are going up. The average rent for apartments in Calgary increased by almost 15% compared to last year, reaching around $2,093.
  • Montreal: Montreal is also seeing a big rise in rent. The average rent here went up by more than 10% from last year, now at about $2,046.

The varied rental costs in Canada are evident, with Vancouver and Toronto being the most expensive. Calgary and Montreal, while experiencing rising rents, are still more affordable. Hence, it’s no surprise that many are moving from Toronto to Montreal, attracted by the lower rental prices. This trend highlights the shifting preferences for more budget-friendly living options.

Factors contributing to high rents

Why are rent prices going up so much in Canada? There are a few reasons behind this:

  • Population growth and new rentals: In some provinces like Alberta, Quebec, and Nova Scotia, more people are moving in, and there are many new rental places being built. But these new places often cost more than the average rent.
  • Moving for affordable rent: High rent prices in places like Ontario and B.C. are making people move with Canada cross country movers to other areas where rent is cheaper. For example, many are moving to cities like Calgary, where rents are still on the rise, but more affordable compared to the most expensive cities.
  • Less home buying: Another big reason is that fewer people are buying homes now because the interest rates are high. This means more people are renting instead, which increases the demand for rental units. In fact, the number of people renting homes is growing twice as fast as the number of people owning homes.

These factors combined are pushing rent prices higher in many parts of Canada, making it tougher for people to find affordable places to live.

aerial shot of Vancouver
With increasing rents, many are seeking more affordable living options or sharing accommodations to ease financial burdens.

Affordability challenges

As rental prices soar across Canada, many are finding it increasingly hard to cope with the high costs. In big cities like Vancouver and Toronto, where rents are at their peak, the burden is even more pronounced. People are finding themselves squeezed by the rising prices, which are outpacing many individuals’ ability to pay.

In places like Calgary, although the rents are not as steep as in Vancouver or Toronto, the rapid rate of increase is a growing concern. This trend is affecting a wide range of people, from young professionals to families, making it difficult for them to find housing within their budget.

The high rental prices are forcing many to look for alternatives. Some are considering moving to more affordable regions, while others are opting to share accommodations to split the costs. There’s also a noticeable trend of people having to adjust their budgets, often cutting back on other expenses to afford their rent.

Moving trends and decisions

Canada’s rising rent prices are reshaping how people think about moving with long distance movers in Canada. In cities like Vancouver and Toronto, where rents are particularly high, many are now considering more affordable areas. Cities like Calgary are becoming popular choices, offering a slightly more manageable cost of living.

The decision to move is increasingly driven by the need to balance rent with other expenses. People are carefully weighing the overall cost of living in different areas, not just the rent. This is leading to a shift in residential patterns, with more individuals and families exploring options outside of the most expensive urban centers.

Additionally, the current high-interest rates are making home ownership a less viable option for many. This shift towards renting is contributing to the increased demand for rental properties, further fueling the rise in rent prices. Consequently, the rental market is becoming more competitive, influencing where people choose to move. These trends are significantly impacting the moving industry, as more Canadians opt to rent and base their relocation decisions on affordability.

Advice for potential movers

In this high-rent landscape, moving can be a challenging decision. However, there are strategies that can help make it more manageable:

  • Don’t limit your search to just one city or neighborhood. Look at various locations, including those outside major urban centers, where rent might be more affordable.
  • Sharing a rental with roommates can significantly reduce your individual expenses. It’s a practical way to afford living in a more expensive area.
  • Factor in all living costs, not just rent. This includes utilities, transportation, and groceries. Planning your budget in advance can help you find a balance between rent and other expenses.
  • Take the time to research different areas and understand the rental market. Planning ahead can help you find better deals and avoid last-minute decisions that might be costly.
  • Don’t hesitate to reach out to moving companies or real estate agents. They can offer valuable insights and assistance in finding a place that suits your budget and needs.

Considering these tips will help you navigate the high-rent market more effectively, allowing you to make a move that aligns with both your budget and lifestyle needs.

a couple holding a small house adapting to Canada's soaring rental market
Adapting to Canada’s soaring rental market requires balancing practicality with personal needs to ensure a financially sound and suitable move.

Adapting to Canada’s soaring rental market is possible with informed choices

As rental prices in Canada continue to rise, those planning to move face new challenges. This shift in the rental market, calls for careful consideration of living options. Adapting to Canada’s soaring rental market and making well-informed decisions is key to finding a living situation that suits both financial constraints and lifestyle preferences. Managing this high-rent environment successfully involves balancing practicality with personal needs, ensuring a move that is both financially viable and conducive to your way of life.

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