Renting in Canada This Week: Why Are Toronto Rents So High?

Why is rent so expensive in Toronto? Why would a landlord charge my visitors to park? Why are politicians blaming immigrants for high rent prices? Why are rents going down in some Canadian cities and up in others? 

Why, indeed? And have we entered a "renters market" in Canada?

Welcome to Renting in Canada This Week, where we try to answer these questions while raising more questions for Canadians, newcomers and international students looking to rent:

So, why are rents in Toronto (and Vancouver) so high? In this video, Dilshad Burman breaks down a CityNews exclusive poll showing that the cost of housing and rent are among Torontonians' top two concerns. Interestingly, 55 percent of those polled feel that landlords are conflating rents. She delves into the many factors contributing to soaring prices.

 

 

Amir Ali of the Daily Hive writes that even two people making minimum wage in Vancouver would be hard-pressed to "afford" current rent prices. He points out that in 29 of 37 major Canadian cities, rent for a two-bedroom unit consumed 80 or more hours of minimum-wage work.

 

Of course, not all Canadian cities have unaffordable rents. Here are 10 Canadian cities currently offering the cheapest rent for newcomers and international students. If you're looking for the best bargains, head west (of Toronto!).

Are immigrants to Canada the cause of high rent prices? According to The Breach, some politicians like to say so, but that doesn't make it so. Newcomers and international students are an all-too-easy target for some.

Would you pay $800 a month to sleep on a basement floor in Windsor? This one looks more like a prison cell, writes blogTO's Phoebe Knight.

 

 

 

In the Daily Hive, Beth Rochester writes that the minimum income needed to afford rent in Calgary is "out of control."  It's estimated that Calgarians, writes Rochester, needed to make at least $28.92 per hour to afford a one-bedroom apartment and at least $33.46 per hour to rent a two-bedroom apartment, popular with newcomers to Canada.

According to the most recent data from Rentals.ca and Rentsync, rent prices in Canada are heading in two directions: prices are declining in major cities such as Toronto and Vancouver but increasing in mid-sized cities such as Edmonton and Niagara Falls, which are becoming increasingly popular with immigrants. Are we now in a "renters market?"

 

Bryan Bicknell of CTV News writes that tenants in London, Ontario, don't like a landlord's move to charge visitors (aka family) to park. They call it a money grab. The property owner says it's being done based on renter feedback. 

Renters in Canada appear to be struggling financially more than homeowners, which is stressing them out and worrying Bank of Canada governor Tiff Macklem.

Did you know there are 12 million empty bedrooms in Canada (5 million are in Ontario)? Sparrow, a home-sharing matching platform, has just launched its inaugural LinkedIn newsletter, which explains the many financial and human benefits of being a homeshare host and a housemate. We collaborate with Sparrow. They do good work!

Finally, housing shortages are a global problem, even in Ireland. 

And here's the latest update on the status of the Canadian job market for newcomers and international students. 

Don't forget to check out and share the latest edition of our Monthly Housing Newsletter for Newcomers and International Students. 

If you have a question, please email us at rentals@prepareforcanada.com

Steve Tustin is the Editor for Rentals for Newcomers and a contributing editor for Prepare for Canada. He is also the former managing editor of Storeys.com and a former senior editor at the Globe and Mail and the Toronto Star.

*No AI-generated content was used in the writing of this story, and all sources are cited and credited where possible.

© Rentals for Newcomers 2024