Although house prices are falling in Canada, there is no relief for the tenants. According to a report, house prices in the country have decreased, but house rents have continued to rise. Due to the COVID-19 pandemic, the housing sector has been experiencing price hikes for two consecutive years. Though it has moderated somewhat now, house rents in Canada have increased. So, the article contains Home Rents in Canada Increased.
The average rent for a one-bedroom apartment in the country has been 13.7 percent higher since the start of the year 2022. Apart from this, compared to 2021, the house rent in Toronto has increased by 18.5%, and the house rent in Vancouver has increased by 19.2%.
Dan Scaro, President of Macdonald Realty in Vancouver, said that there had been no change in the demand for houses due to the increase in interest rates. However, instead of buying a house, the demand for renting a home has increased.
The Bank of Canada raised interest rates from 0.25 percent to 2.5 percent to deal with uncontrolled inflation. As a result, inflation in the country stood at 8.1 percent in June, the highest in four decades.
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