As real estate prices continue to rise in Canada’s most competitive markets, it’s more important than ever that Canadians have access to affordable rental options. As first-time buyers find themselves priced out of the market, or limited by recent mortgage qualification rules, more would-be buyers are remaining in rental housing longer as they save for steeper down payments. Others may choose to rent rather than own and invest their savings elsewhere.
However, it’s becoming harder to find budget-friendly rental housing; in Toronto, for example, the vacancy rate for a one-bedroom unit is just 1.3%, and an even tighter 0.7% in Vancouver finds a study conducted by Rentseeker.ca. The apartment listing and finding resource has crunched the most and least affordable rental markets across Canada, including vacancy rates for each. Check out their infographic below to see how affordable rentals are in your region.
