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submitted 1 year ago by sik0fewl@kbin.social to c/canada@lemmy.ca

According to a new report from Rentals, In July, the Canadian rental market hit a record high with an average asking rent of $2,078, marking an 8.9 per cent annual increase.

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[-] Metriximor@lemmy.ml 7 points 1 year ago

Fucking hell my salary isn't even enough to cover 3/4ths of that rent. Pure insanity

[-] Anticorp@lemmy.ml 4 points 1 year ago* (last edited 1 year ago)

$15 an hour seems to be about the minimum wage in Canada. $15x40x4.2=$2520 per month. If you're working a full-time job and you're making less than that, then your employer is breaking the law.

[-] LadyAutumn@lemmy.blahaj.zone 4 points 1 year ago

Yes, and 2000/month rent is unaffordable at 85% of your income.

[-] Anticorp@lemmy.ml 5 points 1 year ago

I wasn't trying to imply that it's affordable at that rate, but they said they make 3/4 as much as the rent. Something is fishy about that. They're either getting ripped off, or they don't work full-time. Usually part-time workers don't refer to their income as "salary".

[-] pwnna@lemmy.ca 4 points 1 year ago

Some people work part time tho because the companies don't want to pay benefits....

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[-] rab@lemmy.ca 5 points 1 year ago

Dead country

[-] Uncaged_Jay@lemmy.world 5 points 1 year ago

I will never rent long term ever again, thank God I bought a house.

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[-] argv_minus_one@beehaw.org 4 points 1 year ago

Same thing happening here in Oregon. Homeless people are everywhere.

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[-] autotldr@lemmings.world 4 points 1 year ago

This is the best summary I could come up with:


This coincides with a 1.8 per cent rise in average asking rents in Canada from June, representing the most substantial month-over-month growth observed in the past eight months.

These include post-secondary students rushing to secure leases before the fall term, a notable increase in the population, and a slowdown in home-buying activities, largely attributed to the Bank of Canada's decision to raise interest rates.

Data shows that in July, the average asking rents for purpose-built and condominium apartments broke the $2,000 threshold for the first time, settling at $2,008.

Analyzing the data regionally, Alberta continued to lead the provinces in annual rent growth for purpose-built and condominium apartments for the third consecutive month in July.

The report shows that Quebec maintained its position as the second-highest province for annual rent growth in the country for the second consecutive month, with an increase of 13.7 per cent.

recorded average asking rents for purpose-built and condominiums at $3,114, achieving the fastest annual growth rate in the country at an impressive 32.1 per cent in July.


The original article contains 1,006 words, the summary contains 173 words. Saved 83%. I'm a bot and I'm open source!

[-] kiwiheretic@lemmy.ca 2 points 1 year ago

How many rooms is that and how much percentage of the average wage would that be?

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this post was submitted on 30 Aug 2023
450 points (98.5% liked)

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