The Blubber

The average monthly cost of renting a home in Canada is now $2,149 CAD, the highest ever, per CBC.

The rental crisis in Canada is deepening, as revealed by a recent report indicating a significant surge in average rental prices in September. The data, based on an analysis of tens of thousands of new rental listings across the country by Rentals.ca and real estate consulting and research firm Urbanation, shows that the average rent in September reached $2,149. This represents an increase of more than 11 percent compared to the same month in the previous year.

The September report also highlights that not only are average rents on the rise, but they are increasing at their most rapid pace this year. While the overarching national trend indicates higher rental costs, various individual markets are experiencing different dynamics. For example, Toronto remains one of the most expensive cities in the country, with the average cost of a one-bedroom property now standing at $2,614 per month. However, the rate of rent increases in the city has recently slowed significantly, decreasing by 0.2 percent from August's levels. When compared to the same period last year, Toronto rents have risen by 4.9 percent.

One contributing factor to the deceleration of rent increases in Toronto is the growing trend of individuals opting to have roommates to reduce living expenses. Giacomo Ladas, communications director at Rentals.ca, explains that this has resulted in a 27 percent increase in shared accommodation listings across Canada, including an impressive 78 percent spike in Ontario.

Ladas further notes, "The average roommate in Toronto is now paying over $1,300 a month. Instead of people seeking premium, purpose-built rentals, they are moving into more affordable roommate accommodations."

However, even these shared accommodations have seen their prices rise, with the national average asking price for such units reaching $944 per month. This represents an 18 percent increase from the previous year.