Rental Rates Are Finally Falling In Canada And Here's The Cheapest Place To Live
Canada has quickly become a pretty expensive country to live in depending on what area you are residing in. While major cities like Toronto and Vancouver have always cost a pretty penny to live in, now even other areas of the country such as Calgary and Alberta have been seeing a spike in the cost of typical rent.
Though it seems that rent in the country is finally... finally starting to slow down at the least (cross your fingers though). In fact, it's actually dropping in the areas you'd least expect it to. Rental site Padmapper's statistics show some pretty surprising rates:
The stats show a surprising dip in major cities like Toronto where rental rates have fallen by 4.4% since February for one bedroom units and a 2% dip for two bedroom units. Though don't get too excited thinking all the major cities in the country have followed suite- Vancouver, on the other hand, rose 0.5%.
Though it wasn't just Toronto that witnessed the dip. Calgary and Montréal also witnessed a drop in rental rates while areas such as Ottawa and Edmonton remained neutral neither gaining or falling in price.
While for many this definitely isn't that big of a dip and rates still seem quite pricey, the small decline shows signs of a market that could eventually level out. In Toronto, one bedroom apartments are still a whopping 15.9% higher in rental rate prices than they were a year ago. The steady decline, if it continues, could finally give Torontonians a decent playing field at finding the perfect place to live.
Unfortunately, until then, it seems that budget will still be a prominent hurdle if you are looking to live in any major cities in Canada. Though if you are really looking for a deal- it seems the perfect place to live is Regina where it'll only cost you $1,090 to live!
Source: Huff Post