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Why rent is so expensive in 3 Canadian cities (that aren't Toronto or Vancouver)

It isn't just about high interest rates

When rent goes up, it often goes up most dramatically in major urban centres. And, sure enough, Toronto and Vancouver have consistently been in the spotlight as rental prices have skyrocketed over the last year. A two-bedroom apartment in the Ontario capital averaged $1,765 a month in 2022, while the same place in Vancouver soared to $2,002, according to the latest Canada Mortgage and Housing Corporation (CMHC).

But it isn't just a problem for Canada's biggest cities.

Across the country, high interest rates have left would-be homeowners renting rather than buying, driving up demand in the rental market. Stable youth employment has also boosted demand, as has an uptick in net migration, the report said, given that young people and new immigrants tend to rent rather than buy.

But every region has its own unique factors driving up the cost of rent, from an improved economy in the West to the impact of students returning to campus in college towns.

Here's a look at what's happening in some of those other rental markets.

Read the full article HERE

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