By Staff
August 9th, 2024
BURLINGTON, ON
Rents are said to be “moderating” – not by much.
Developers who are really feeling the pinch like hearing the financial types talk about Bank of Canada rates dropping to 3.5% by next January.
The challenge will be to hang on until then.
Bunch of graphs set out below tell the story.
The data displayed comes from Urbanation Inc – rentals.ca
As we came out of the pandemic rents soared. When the curve will change is still a major unknown.
Prairie province rents are much lower – the demand isn’t what it is elsewhere in the country. How much of this difference the result of market conditions or government mistakes.
The need, especially in Burlington, is for two and three bedroom units – up until very recently the developers have not focused on those sizes.
Sharing space doesn’t seem to solve the problem – except for Ottawa and Montreal. Quebec has traditionally had more rental properties – being a renter in Quebec doesn’t have the same social difference. In Ontario the objective is to get into the market – whereas in Quebec the objective is to find a good place to live.
