Kitchener sees huge increases in rent prices
Brought to you by Kitchener-Waterloo Real Estate News
Keith Marshall, Realtor
The average rent in October for all property types in Canada was up 1.6% year over year to $1,800
This is the first annual percentage increase this year.
But rents are still not back at pre-lockdown prices.
The rental market continues to see increased demand and higher rent levels as the country returns to normalcy from the pandemic.
Most of Canada’s major cities experienced rent declines of 5% to over 15% at this time last year, but most of those markets are now up 2% to 5% since then, so still well below 2019’s market peaks
The domestic market could exceed those peaks in 2022 with continued strong growth expected
Kitchener experienced the largest annual increase in average rent for all property types at 15% in October.
The average annual rent in Kitchener also increased in October 2020 by 14%.
People are moving to Kitchener looking for affordable options for larger units outside downtown centres such as Toronto
As the work-from-home trend continues more people could be moving
outside of Toronto
Source: Rentals.ca’s and Bullpen Research & Consulting’s latest National Rent Report.