The pandemic dramatically dropped rent prices, as some landlords were even forced to offer huge incentives to prospective tenants. That has flipped, as rents across Canada are now just 10% less than the pre-pandemic numbers. The average rent is now $1769.00. To read more on this, click here.
A research firm has done a study on population growth in Ontario, mixed with current demand. The outcome? One million new homes would need to be built in Ontario in the next 10 years. This is an alarming number, but one that makes current owners quite happy. If the demand is even close to as is predicted, the value of housing should continue to rise. To read more, read the Financial Post article here.
Re/Max Canada has released their housing outlook for the last quarter of 2021. They expect a rise of 5% for the Canadian market overall, mostly attributed to a strong demand from young families. Interestingly, Atlantic Canada has seen the biggest price increase year-to-year. To read more about this matter, click here.