More than 115 cases of eye damage reported in Ontario after solar eclipse
More than 115 people who viewed the solar eclipse in Ontario earlier this month experienced eye damage after the event, according to eye doctors in the province.
The average asking price for a rental unit in Canada reached a record $2,042 last month amid continued interest rate hikes and population expansion, according to a new report by Rentals.ca and Urbanation.
The data, which analyzed monthly listings from the Rentals.ca network, showed year-over-year rent inflation for June was 7.5 per cent, below the double-digit growth seen for most of 2022 and early 2023.
Rents also rose 1.4 per cent from May, marking the fastest month-over-month increase for units listed on the website so far this year.
"What the country is experiencing right now is a perfect storm of conditions," said Shaun Hildebrand, president of Urbanation, a real estate research firm.
"It's interesting that rents continue to grow this fast despite rental apartment completions in Canada currently running at multi-decade highs. It really shows that the housing industry isn't producing enough rental supply to satisfy this record level of rental demand."
The average cost of a one-bedroom unit in June was $1,780, up 10.2 per cent from the same month in 2022.
Hildebrand said demand is being driven by Canada's rapid population growth, much of which is coming from non-permanent residents such as foreign students who rent, along with near record-low unemployment, rising incomes and "the worst home ownership affordability in over a generation for first-time buyers."
High interest rates are a "key ingredient" to the lack of housing affordability, said Hildebrand. He predicted the Bank of Canada's latest rate hike earlier this week would worsen existing barriers to entry for renters looking to buy a home.
"It'll reduce supply by keeping renters in their units for longer, it'll convert more would-be first-time buyers into longer term renters," he said.
"Just as meaningfully, it'll slow down the supply pipeline of new apartment projects because higher interest rates, obviously, raise the costs of developing."
Vancouver led the way as Canada's priciest city for renters, with the average one-bedroom unit listed at $2,945 and a two-bedroom at $3,863, followed by nearby Burnaby, B.C., according to the report.
Toronto ranked third at $2,572 for a one-bedroom and $3,301 for a two-bedroom.
A separate report released Thursday by the Toronto Regional Real Estate Board showed average condominium apartment rents in the Greater Toronto Area continued to outpace the rate of inflation in the second quarter of 2023.
The average one-bedroom condo apartment rent was $2,532 over those three months — up 11.6 per cent compared with 2022. The average two-bedroom rent was up 9.2 per cent over the same period to $3,264.
RBC economist Rachel Battaglia said those regions, along with Halifax, continue to see vacancy rates in the rental market hover around one per cent or lower — well below the three per cent rate that experts consider a sign of a balanced market.
She said Canada's annual rate of population growth during the second quarter reached its fastest pace since the 1950s.
"We do have a population growing at a pretty astonishing pace," said Battaglia, noting international immigrants tend to rent for the first five to seven years of living in Canada, adding pressures to the rental market.
"Although there have been some healthy additions to the rental unit stock, it just hasn't kept pace with demand."
Over the past two years, average asking rents in Canada have increased by 20 per cent, or an average of $341, according to the Rentals.ca report.
On a monthly basis, rent growth was strongest in June for the smallest and least expensive unit types, with studios and one-bedrooms seeing price listings rise 2.6 and two per cent during the month, respectively.
Each of Canada’s six largest cities experienced double-digit annual rent inflation in June for purpose-built and condominium apartments.
Vancouver and Toronto, the country’s most expensive rental markets, had average asking rents of $3,301 and $2,813, respectively, representing annual growth of 15.7 and 15.4 per cent. Ottawa, the third most expensive of Canada’s largest markets with an average asking rent of $2,146 in June, saw growth of 15.3 per cent.
Calgary overtook Montreal as the fourth most expensive among Canada’s largest cities, with average asking rents for purpose-built and condominium apartments growing 18.4 per cent annually to reach $2,008 — surpassing the $2,000 level for the first time.
"The areas of the country that are experiencing the fastest rates of population increases are the areas that are experiencing the fastest rent increases. I don't think there's any coincidence there," said Hildebrand.
"Areas like Calgary, Toronto and more specifically, markets like Scarborough and Brampton which tend to attract a high percentage of new immigrants, are seeing rent increases that are at really the top of the list."
This report by The Canadian Press was first published July 13, 2023.
More than 115 people who viewed the solar eclipse in Ontario earlier this month experienced eye damage after the event, according to eye doctors in the province.
A Sherwood Park family says their new house is uninhabitable. The McNaughton's say they were forced to leave the house after living there for only a week because contaminants inside made it difficult to breathe.
A man has been handed a lengthy hunting ban and fined thousands of dollars for illegally killing a grizzly bear, B.C. conservation officers say.
The B.C. NDP has asked the federal government to recriminalize public drug use, marking a major shift in the province's approach to addressing the deadly overdose crisis.
The Ontario Provincial Police (OPP) says it's investigating an interaction between a uniformed officer and anti-Trudeau government protestors after a video circulated on social media.
An emergency slide fell off a Delta Air Lines jetliner shortly after takeoff Friday from New York, and pilots who felt a vibration in the plane circled back to land safely at JFK Airport.
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
George Mallory is renowned for being one of the first British mountaineers to attempt to scale the dizzying heights of Mount Everest during the 1920s. Nearly a century later, newly digitized letters shed light on Mallory’s hopes and fears about ascending Everest.
A loud explosion was heard across Hamilton on Friday after a propane tank was accidentally destroyed and detonated at a local scrap metal yard, police say.
As if a 4-0 Edmonton Oilers lead in Game 1 of their playoff series with the Los Angeles Kings wasn't good enough, what was announced at Rogers Place during the next TV timeout nearly blew the roof off the downtown arena.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
A property tax bill is perplexing a small townhouse community in Fergus, Ont.
When identical twin sisters Kim and Michelle Krezonoski were invited to compete against some of the world’s most elite female runners at last week’s Boston Marathon, they were in disbelief.
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
A local Oilers fan is hoping to see his team cut through the postseason, so he can cut his hair.
A family from Laval, Que. is looking for answers... and their father's body. He died on vacation in Cuba and authorities sent someone else's body back to Canada.
A former educational assistant is calling attention to the rising violence in Alberta's classrooms.
The federal government says its plan to increase taxes on capital gains is aimed at wealthy Canadians to achieve “tax fairness.”