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.
I bought a house (since sold, moved cross-country) literally because it was cheaper to do so. You get the asset of the house, and cheaper mortgage payment. Went from a “2” bedroom house (the spare bedroom was slanted) house from the 1930s with windows just as old, dirt foundation, no AC, and holes in the floor for plumbing (very effective for keeping mice out…) into a 3 bedroom house for $400/month cheaper. Housing market is fucking insane over the last 5 years, if not longer.
It’s like people/companies are buying houses because “it’s the smart thing to do” against high interest rates, so they need to charge more for rent, which drives people to buy houses on higher interest rates, which pushes rent higher, and it just cycles infinitely upwards.
