As we are wrapping up 2018, I felt it was time to reflect back on the year and look towards 2019. It’s hard to believe that 2018 is coming to a close but with the New Year fast approaching, you may be thinking about what you should do if you are looking to renting a new home in 2019.
As the rental market continues to shift, Royal York Property Management continues to help our clients to get the most out of their dollar.
Rental prices was one of the hottest topics in 2018, especially in Canada’s most competitive urban markets. While the price of Toronto homes for sale has cooled down, the same cannot be said for the average rent costs; the average one-bedroom unit in the city now fetches $2,163 – a 9.5% year-over-year increase – according to the Q3 Rental Report from the Toronto Real Estate Board.
Skyrocketing rents aren’t just a issue here in Toronto, however – the Q3 Rental Report from CMHC revealed two-bedroom rents rose an average of 3.5% across the nation in 2018, with the largest increases in BC (Vancouver +5.5%) and Ontario (Toronto +5.2%). Rental vacancies also shrunk in most major markets; Toronto and Vancouver both have roughly 1% of rental stock available, while the Quebec market saw its rate plunge from 3.4% to 2.3% in the span of a year.
And, according to another report, tenants across the nation will be squeezed by an average 6% increase next year; 11% in Toronto, 9% in Ottawa, and 7% in Vancouver, according to the National Rent Report released by Bullpen Research and Consulting, partnered with Rentals.ca.
We look forward helping our clients in the New Year with all their rental needs. Be it getting your investment property rented out or finding that perfect rental. I want to wish everyone a happy and healthy New Year.