This new interest rate increase is the second 0.25 basis-point increase since July, and it is also now widely expected that another +0.25 is to be expected in October.

Source: Bank of Canada

With Canada’s Housing and Rental Markets already having been a hot news topic for Canadians over the past decade with housing prices continued rising pricing year-over-year,  the new interest rate hikes which have already lead to higher mortgage rates, has created a very anxious environment for many Canadians, and a topic of much discussion for many economists, banking institutions, policy makers, and media commentators.

RentSeeker.ca, one of Canada’s largest and most popular real estate listing and reporting websites, today published a new INFOGRAPHIC showing the average cost of rents and housing prices across all 10 provinces and 3 territories with a newly released affordability index showing how much average income per household is spent on housing.

British Colombia tops the list with 24% of income spent on housing costs, with Ontario following in close second with 23%. View all the data points for all 13 provinces below:

 for media inquiries or to share this [INFOGRAPHIC], please e-mail at: media@rentseeker.ca

About us: RentSeeker.ca is one of Canada’s largest online real estate listing and reporting sites and has been featured on; Global News, CTV News, Huffington Post, MoneySense Magazine, BNN, Globe and Mail, The Toronto Star, CBC News, Financial Post, and CNBC.

Join the conversation by following RentSeeker on Twitter and RentSeeker on Facebook!

That’s a considerable chill, even for the typically cooler July market says Lauren Haw, Broker of Record at Zoocasa Realty.  “The typical month-over-month decline from June to July is 15 per cent, this year we saw a 30 per cent decline in the same period, indicating an increased velocity in the slowdown,” she says.

The sale downturn effectively yanked on prices too – the average price for all combined home types was $746,218 last month- a 6 per-cent decline from June, though 5 per cent higher year over year. All home segments were impacted, from detached homes sales (with sales down 29.4 per cent month over month and prices down 5.25 per cent to an average of $1,000,336), to Toronto condos (sales dropped 22.3 per cent, and prices 3.46 per cent, to an average of $501,750), to Toronto townhouses (down 29.5 per cent, with sale down 1,84 per cent to $541,144).

However, those numbers look at the GTA in aggregate – some markets are certainly weathering the downward trend better than others. For those looking at renting vs buying, here is an INFOGRAPHIC from leading Canadian rental website RentSeeker.ca showing Canada’s least and most expensive cities to rent an apartment.

To illustrate how various regions are faring, real estate resource Zoocasa has compiled the data into a heat map, indicating the differences in sales and price growth (or lack thereof) per region. Check it out below:

By: Penelope Graham, Zoocasa

Penelope Graham is the Managing Editor of Zoocasa.com, a leading real estate resource that uses full brokerage service and online tools to empower Canadians to buy or sell their home faster, easier, and more successfully.

With housing prices and rental costs having increased year-over-year for much of the past decade in many cities including Toronto, and continuing to rise to unprecedented levels creating what many are calling a “Canadian housing crisis”, the Premier has introduced a set of 16 comprehensive measures with claims that “it will help more people find an affordable place to call home, while bringing stability to the real estate market and protecting the investment of homeowners”.

The Fair Housing Plan has caused quite a bit of debate with many proponents arguing both; for, and against, the new proposed legislation.

Many would-be home-buyers and renters have shown support for the new rules, and are hoping they will help stabilize and even bring down the cost of home ownership and cost of renting.

While others argue that the new rent-control rules are “the exact opposite” of what is needed to deal with housing affordability problems.

To understand the new Fair Housing Plan and new rent control rules, leading Canadian real estate website RentSeeker.ca published a new INFOGRAPHIC showing a summary of the new legislation and how it affects;

• New Renters
• Existing Tenants
• Home-Buyers
• and Landlords

(for media inquiries or to share our INFOGRAPHIC, please e-mail us at media@rentseeker.ca)

Let us know what you think about the New Fair Housing Plan by joining the conversation with RentSeeker.ca on Twitter and on Facebook.

With so much internal discussion over the last decade or so by economists, investors, and policy makers about Canada’s real estate market in internal debate,  Canada has also been making many global lists of most expensive cities to live, with real estate prices rising and reaching unprecedented levels.

According to Business Insider, Vancouver ranked #3 on the most expensive cities to live in, around the world, with the following caption showing how real estate prices are impacting the economy, both locally and globally.

Vancouver, British Columbia: House prices in Vancouver rose the equivalent of a full year’s household income in only a year; it had a median multiple of 11.8.

In a recent article published on Huffington Post,  RentSeeker.ca presented multiple factors that could impact the Canadian housing and rental markets in 2017,  to try and provide some clarity and insight into various possibilities that can impact the real estate market for the coming months and year.

To provide an overall snapshot of Canada’s rental market, leading Canadian real estate search website, RentSeeker.ca,  published a New INFOGRAPHIC showing the Top 10 Most and Least Expensive Cities to Rent Apartments across Canada.

As expected Vancouver and Toronto are listed in the Top 10 Most Expensive Cities to Rent in RentSeeker.ca’s New INFOGRAPHIC with average rent costs for a 1 bedroom apartment in Vancouver showing at $1,159 (while the real-time asking price for many newer rental properties in Vancouver is probably closer to $1,700 to $2,300 according to data from RentSeeker.ca).  Average rents for 1 bedroom apartments for rent in Toronto came in at $1,132 (while once again, the real-time asking price for newer apartment rentals on the market are closer to $1,300 to $1,400).

At the top of  the list of the Top 10 Least Expensive Cities to Rent was Shawinigan in Quebec with average rents for a 1 bedroom apartment according to Canada Mortage and Housing Corporation coming in at $381.

View the full INFOGRAPHIC from RentSeeker.ca here:

(for media inquiries, or to share our INFOGRAPHIC, please e-mail us at media@rentseeker.ca)

*Data from this INFOGRAPHIC, and the above article, showing average and real-time rent prices in cities across Canada is based on data from Canada Housing and Mortgage Corporation (CMHC), and apartment finder RentSeeker.ca.

Join the conversation by following RentSeeker.ca on Twitter and RentSeeker.ca on Facebook!

However, home prices have heated substantially more in some markets than others; while prices rose in 70% of all markets, reports CREA, much of reported price growth is being driven by activity in the Greater Toronto Area.

“Housing market trends continue to differ by region. Homes are selling briskly throughout the Greater Toronto Area and nearby communities,” stated CREA President Cliff Iverson. ‘Elsewhere, competition among local buyers is less intense, so listings take longer to sell.”

Regardless of what province and city though, it’s safe to say that real estate has been a robustly performing investment, as buyers who entered the market even just 12 months ago have seen impressive gains on their initial down payments.

Just how much have those real estate investments paid off? To find out, Zoocasa compiled the latest February CREA data to see how home prices have appreciated over the last year,

Toronto: A Runaway on Returns

Toronto real estate prices have had a banner year, and those who have already purchased in the Big Smoke have lots to cheer about. They’ve received the largest return on their down payments by far – a whopping 139%, based on a 20% down payment of $137,056 made on the average home price of $685,278 last year. These price rises have spilled into the surrounding region with “unprecedented growth” reported in the Golden Horseshoe, as housing markets in Hamilton, London and Kitchener-Waterloo heat up.

Rents in Toronto according to RentSeeker.ca’s new real-time pricing data of apartment listings across the country, showed One Bedroom Apartments in Toronto renting for $1,255, with Two Bedroom Apartment Rentals in Toronto renting for $1,496, and Three Bedroom Apartments for Rent in Toronto renting for $1,651.

Vancouver: A Slide in Prices

The numbers for the west coast city may seem alarming, as prices have seen a considerable tumble from last year’s peaks. A down payment purchase of $207,827 made on the average home price of $1,104,188 saw a -49% dip, as Vancouver prices fall below the million-mark.

However, Lauren Haw, CEO and Broker of Record at Zoocasa, emphasizes there’s no need for Vanouverite home buyers to panic. “It is important for real estate investments to be considered over the long-term. The nature of real estate as a levered investment means that year over year fluctuations serve to magnify short term returns or losses,” she says. “When the burden and potential risk of debt is properly accounted for, the ability to lever your down payment can lead to impressive equity returns.”

Calgary: A Slight Uptick

Despite several years of economic hardship resulting from slowing oil prices, Calgary’s housing market has new reason for optimism, with prices strengthening $11,659 year over year. That means a buyer who paid $90,635 on a home priced at the average $453,175, is seeing a 13% return this year.

Calgary rents according to RentSeeker.ca, showed 1 Bedroom Apartments in Calgary renting for $1,031, with 2 Bedroom Apartments in Calgary renting for $1200, and 3 Bedroom Apartments for Rent in Calgary renting for $1,471.

 Halifax: Stronger Conditions on the East Coast

Meanwhile, in the Maritimes, last year’s home buyers are experiencing a 19% average return based on a $10,444 improvement in the city’s home prices, now priced at $279,362.

Follow Zoocasa and RentSeeker.ca on Twitter and Facebook and join the conversation on Canada’s Housing and Rental Markets!

Given the average house price now tops $1.3 million in the city, according to the Toronto Real Estate Board, you better have a significant nest egg if you dream of detached living. The next best option is to find a great neighbourhood with affordable townhomes.

Average Toronto Income Comes Up Short

When it comes to homebuyer affordability, the numbers can be daunting. Let’s say a borrower earns the median Toronto household income of $76,219, pays at least 20% down on their home purchase, and qualifies for a 2% variable-rate mortgage with a 30-year amortization.

Even in this best-case scenario, they’d still only be granted $636,886 in affordability by their lender. That amounts to precious little in a market where bidding wars are the norm and homes increasingly sell for hundreds of thousands of dollars over asking.

Searching Beyond City Borders

Many buyers who find themselves priced out of the market “drive until they qualify”; they’ll buy a house in a further-flung GTA community – TREB reports the average home can be found there for $795,569 – and brace for a daily car or train commute.

But suburban life isn’t for everyone. And, while raising a family in a high-rise is becoming a more common tactic (developers are even creating larger units to meet demand), it’s not an ideal situation for all.

Townhomes: The New Toronto Real Estate Reality

For buyers who wish to remain in the city but need more space, townhomes are quickly becoming the new low-rise standard. According to MLS townhouse and detached house sold numbers compiled by Zoocasa, the average detached home price skyrocketed a whopping 83.% from 2011 to 2016. By comparison, townhome prices surged only 53.3%, to an average of $562,187 – still within the realm of affordability for many Toronto buyers.

To help homebuyers on their home search, Zoocasa has identified the top 20 most affordable neighbourhoods for Toronto townhomes, along with the change in demand, and average time on the market.

Check out the infographic below to find a townhouse option in your price range

By: Penelope Graham, Zoocasa

Penelope Graham is the Managing Editor of Zoocasa.com, a leading real estate resource that uses full brokerage service and online tools to empower Canadians to buy or sell their home faster, easier, and more successfully.

Canada’s Largest Real Estate Search Website – RentSeeker.ca released it’s New Updated 2016 Annual Report today showing the;

Average Rent Costs and Vacancy Rates for Apartment Rentals in cities across Canada

RentSeeker.ca’s NEW updated report and data (below) using it’s popular INFOGRAPHIC format, shows the average cost of rent and vacancy rates for the following suite types across Canada:

• Studio | Bachelor Apartments
• 1 Bedroom Apartments
• 2 Bedroom Apartments and
• 3 Bedroom Apartments across Canada

“As one of Canada’s largest publicly traded multi-family REITs, we’ve seen occupancy and rental rates continue to remain steady through most of Canada. When the economy begins to recover in many parts of Alberta and British Columbia, we anticipate occupancy rates in these regions to improve,” said Todd Cook, President and Chief Executive Officer of Northview Apartment REIT.

RentSeeker.ca’s Housing & Rental Market INFOGRAPHICs were one of the most shared in Canada on Social Media in 2016!

For media inquiries, or to share RentSeeker’s NEW [INFOGRAPHIC], please contact us at: Media@RentSeeker.ca

(Click on INFOGRAPHIC to enlarge for full size viewing)

The new updated data and report by RentSeeker.ca follows last year’s Average Rents across Canada INFOGRAPHIC, which RentSeeker.ca released and published and was featured and shared by Canada’s largest media outlets and economists, and shared in many government and housing reports including; CTV News, Global News,  CP24, Money Sense, Huffington Post, The Loop, The Toronto Foundation, and many other websites.

Let us know what you think and join the conversation by following RentSeeker.ca on Twitter and Facebook!

RentSeeker.ca – Canada’s largest real estate search website and apartment finder, which provides real estate marketing services for most of Canada’s largest Landlords and REIT’s and also publishes real estate data which is used by economists, journalists, government, and media outlets, published a NEW INFOGRAPHIC today showing…

The Cost of Housing across Canada and the U.S. and the Income Needed to Purchase a House, Based on Current Housing Values and Interest Rates.

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For media inquiries, or to share this INFOGRAPHIC, please contact us.

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RentSeeker.ca’s new [INFOGRAPHIC] shows updated average rent prices for 20 cities across Canada which RentSeeker.ca was able to provide through it’s extensive database of apartment listings using a newly developed real-time algorithm program. A more comprehensive report showing the average rent costs for cities across Canada is scheduled to be published in early December 2016. RentSeeker.ca’s last Canada wide report showing the average rent costs in cities across Canada was published in December 2015 and can be viewed here:

This new updated report and [INFOGRAPHIC] covers the following apartment sizes;

• Average Rent Prices for Studio / Bachelor Apartments
• Average Rent Prices  for 1 Bedroom Apartments
• Average Rent Prices for 2 Bedroom Apartments
• Average Rent Prices for 3 Bedroom Apartments

and the report provides updated average pricing for apartment rentals in real-time for the following cities;

• Apartments for rent in Toronto
• Apartments for rent in Ottawa
• Apartments for rent in Edmonton
• Apartments for rent in Calgary
• Apartments for rent in Saskatoon
• Apartments for rent in Regina
• Apartments for rent in Guelph
• Apartments for rent in Kitchener
• Apartments for rent in Windsor
• Apartments for rent in Brampton
• Apartments for rent in London
• Apartments for rent in Burlington
• Apartments for rent in Hamilton
• Apartments for rent in Quebec City
• Apartments for rent in Montreal
• Apartments for rent in Kingston
• Apartments for rent in Mississauga
• Apartments for rent in St. John’s
• Apartments for rent in Halifax
• Apartments for rent in Yellowknife

For media inquiries or to share this [INFOGRAPHIC], please contact Media@RentSeeker.ca

(Click the [INFOGRAPHIC] to Enlarge)

RentSeeker.ca’s Housing and Rental Market Reports and INFOGRAPHIC’s are utilized by Home-Buyers, Renters, Students, Landlords, Property Managers, Real Estate Brokers, Mortgage Professionals, Economists, and Journalists providing an in-depth analysis of Canada’s Real Estate landscape. This newest report follows RentSeeker.ca’s Recent Report showing the National Average Cost of Housing across Canada with Year-over-Year Price Comparisons which was featured on Huffington Post, CTV News, and other Canadian media outlets.

For up-to-date information on Canada’s Housing and Rental Markets, subscribe to RentSeeker.ca’s Newsletter on our Blog.

And follow RentSeeker.ca on Social Media:

• RentSeeker on Twitter
• RentSeeker on Facebook
• RentSeeker on Google Plus
• RentSeeker on Pinterest
• RentSeeker on YouTube
• RentSeeker on Instagram

The general rule of thumb regarding how much of your income should be allotted for rent is 30%. For many families, 30% of their income isn’t enough to afford a place to live and they need to spend more than that. This article shows that across the country 40% of renters spend more than 30% of their household income on rent and about 20% spend more than 50%. When a household is spending more than 50% of their income on rent, they’re at risk for becoming homeless, and that adds up to a lot of Canadians.

According to Canada’s largest real estate finder RentSeeker.ca, here are the average rent costs across Canada and here is the average cost of a house in cities across Canada.

What is Affordable Housing?

According to Canadian Mortgage and Housing Corporation (CMHC), housing is technically considered “affordable if shelter costs account for less than 30% of before-tax household income” and therefor affordable housing refers to a variety of programs and initiatives designed to help those in need.

As you can see the term ‘affordable housing’ is really an umbrella term referring to a variety of housing options that are funded from the private, public and non-profit sectors. From emergency shelters to subsidized housing, there is a range of programs designed to make housing affordable for people of all socio economic classes. Currently, the Federal Government invests approximately $2 billion into these initiates, and you can find more information about them here.

There has been a fair amount of talk in recent weeks about affordable housing, and what can be done to help those that need it. The CMHC states that 80% of Canadian housing needs are met through the open market, affirming the need to help a large number of Canadians find housing options within their means. As the national real estate market continues to explode, this issue is becoming increasingly relevant. RentSeeker is here to offer some insight into the current events that are greatly affecting the affordable housing real estate market.

The Canadian Real Estate Boom

Simply put, the real estate boom in major cities is creating affordable housing issues. The increase in the real estate market has a direct affect on rental prices, and as one increases so will the other. Foreign investment in condo opportunities has also played a part in driving up costs, but this is pale in comparison to the overall growth that popular cities have experienced in recent years. Despite the number of people waiting for a crash or even a market correction, there are no sign it will anytime soon.

Newcomers Moving to Canada

There are no shortage of jokes and memes in the media about the foreign desire to move to Canada. Whether you live in a country that is terrified about the potential of a presidential candidate winning or your country voted to ‘go solo’, Canada is a much more realistic home for many people across the world that may never have considered it before recent events. If even a small number of people who say they will move actually do so, Canada could experience a huge immigration increase in the next few years. Increasing the number of newcomers above what the country already experiences would drive up the demand for rental units, thereby making the rental market more competitive.

Turning Neigbhourhoods into Vacation Destinations

Affordable housing doesn’t just affect those living in the big cities. Areas that have become popular as vacation destinations can have a devastating financial affect on locals who can’t afford to keep up. In Ontario, the Muskoka region has seen a huge increase in housing prices just as the Okanagan region in British Columbia. For many families who have lived in these regions for decades, the cost of living has simply gotten too high.

Accessible and Adaptable Homes

These homes enable both the elderly population and those living with needs to remain in their communities, and advocates say there isn’t enough being done to help them. Accessible homes can be costly, as modifications need to be done in order to accommodate the needs of the people who live there. For many landlords, this isn’t a tempting investment when compared to utilizing development opportunities on the open market. As the Baby Boomers age, the increase of the aging population will put more stress on the system, and many are worried that retirees will have little choice but to move out of their home in search of more affordable options.

Affordable housing is a complex social issue, and unfortunately, there will always be those in need of these important services. While cities like Vancouver are ranked extremely high for unaffordable housing (just behind New York and London) there is work being done from both the private and public sectors to improve the lives of Canadians across the country. Affordable housing affects thousands of Canadians and it’s important to know what the term actually means as it becomes more prevalent in the media along with the importance of our national real estate market.