Canada is experiencing a relentless surge in rental prices, and Huron County residents are likely still wondering about the local impact.
In August, real estate tracking company Urbanation, their latest National Rent Report notes a milestone as the average asking rent soared to an all-time high of $2,117. This figure represents a notable monthly spike of 1.8%, with an eye-catching annual growth rate of 9.6%.
From May to August, the Canadian rental market registered a substantial 5.1% surge in asking rents. This translates to an average monthly rental increase of $103.
The National Rent Report highlights specific rental categories. Among the various categories, one-bedroom units led in year-over-year growth, posting an astounding 14.8% increase and an average monthly rent of $1,880. Meanwhile, two-bedroom apartments and three-bedroom units commanded average asking rents of $2,233 and $2,448, respectively, marking annual increases of 12.3% and 10.6%.
Studio apartments witnessed the most significant month-over-month rent increase, surging by 2.4% to an average monthly rent of $1,480.
Shared accommodations, including roommate arrangements, also experienced a rise in rents. In Ontario, shared living prices saw a more moderate annual increase of 7.5%, resulting in an average cost of $1,040.
Local listings on Facebook marketplace paint a picture of a local market on the brink, with available apartments in Exeter starting at $1450 for a small one bedroom apartment – well above the last average market rent for a one bedroom apartment verified by the county at $954.00 in 2020.
As the rental market continues its upward trajectory, concerns about affordability and the future of housing persist among Canadians across the country.
Written by: N. Lorusso