The average rent on a one\u002Dbedroom apartment in Canada is up 13.7 per cent from the start of the year. Read more here
Desperate would-be buyers found themselves caught in a frenzy of bidding wars for real estate during the pandemic, when home prices in Canada rose more than 50 per cent in just two years.
The shift from frantic demand for homes-to-buy to homes-to-rent makes plain a broader issue with Canadian housing: that there simply is not enough of it, said Dan Scarrow, president of Macdonald Realty in Vancouver.Article content The rapid rise in borrowing cost has chilled the real estate market, pulling down Canada’s average home price by 18.5 per cent from its February peak, according to data from the Canadian Real Estate Association.
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