Average Rent In Canada – Renters in Canada are feeling the squeeze of rising prices. All around country, the average rental price has increased at around 12% since last year. Data from Government Statistics show that somewhere between 2019 and 2020. The average national rent increased by 11.9%. Increasing the monthly expense to a record-high of over $2,000 per month.
Rising Rental Costs Across The Country
The highest increase were seen in Alberta and Saskatchewan. Where rents increased by a combined 19% over the past year. Along with other regions, significant increases were seen in Nova Scotia British Columbia, Manitoba, Newfoundland and Labrador and Ontario.
Reasons For The Increase
As according experts, Many reasons have caused the swift increase in rental costs. Including higher demand due to property damage caused by natural disasters and renovations needed for aging housing stock. Tightened rental supply due to landlords taking their properties off the market during the COVID pandemic. And increased labor costs associated with renovation best practices. Such as lead abatement and energy efficiency upgrades.
Financial Effects On Renters
This spike in rental costs has had a significant impact on renters across Canada. Particularly those with fixed incomes or below-average wages. With no relief on horizon for these individuals. There is concern that some could be facing homelessness. And, Other major financial hardships if the trend continues unchecked.
What Can Be Done?
In order to address this issue of rising rents and related struggles for low income households. Policy makers have been exploring options. Such as increasing funding for social housing initiatives. Providing tax credits for landlords. Who rent out units at below market values. As well as advocating for concessions from provincial governments. That would help make housing more affordable for vulnerable populations seeking assistance. Ongoing efforts will be necessary if we are to see any meaningful changes in these areas within our society.
Frequently Asked Questions (FAQs) About Average Rent In Canada
Q: How much have rents gone up on average?
Answer: From 2019 to 2020 we’ve seen an average increase of 11.9%, pushing national averages close to $2,000/monthly rent payments on average.
Q: What should I do if I can’t afford my rent?
Answer: Seek out resources from your local province or federal government. That provide grants or tax credits towards rental payments or connect with social services providers. Who can offer support finding cheaper accommodations suitable for you and your family’s needs required situation assessment basis .
Q: What actions are being taken by policy makers?
Answer: Policy makers are looking into options such as increasing funding for social housing initiatives. Providing tax credits for landlords. Who rent out below market values units. As well as advocating for concessions from provincial governments. That would help make housing more affordable .
Conclusion
In summary, renters throughout Canada can expect further rent increases over time unless something is done about it now. With concerted local and federal government efforts towards reducing overall rental costs. While protecting residents who may become financially strained due to these hikes. There remains however much work yet to be done before meaningful change will occur here in our country
