The economic and social effects of the pandemic have caused a seismic shift in the rental market. As Canadians across the country continue to deal with the challenges of Covid-19, many are wondering what the impact will be on prices and demand. RentSeeker is providing insights and predictions for what can be expected in the rental market moving forward along with apartment resources for renters during these challenging times. 

Image Source – https://www.freepik.com/premium-photo/toronto-skyline-night_6605875.htm

Impact To Date

Covid-19 had a colossal impact on the rental market over the past year. In the most extreme cases, rental condo unit prices in downtown Toronto were down 20% year-over-year as of November 2020. Other sources have shown that overall, all types of rental listings are down in price 7.1% annually as of January 2021.

The following chart shows the average rent price and annual change for all types of rental properties over the past year. Between May and December of 2020, rental prices were 8% lower on average year-over-year. 

Various apartment finders across Canada, for example, Canada’s #1 Apartment Finder, RentSeeker.ca has a REAL-TIME Average Rent Costs Page (for both Renters & Landlords), so they can view what REAL-TIME Apartment Prices are, you can check out RentSeeker.ca’s Average Rents Across Canada Page here:

https://www.RentSeeker.ca/average-rent-prices-canada

Average Rents for Apartments across Canada in Real-Time on RentSeeker.ca

Other rental websites, showing rental data; includes CMHC, 4rent, and other rental websites, including rentals, zumper and Zillow & more.

Last January was a long time ago. At the start of last year, the outlook for the rental market was very competitive as vacancy rates hit all-time lows. Renters faced bidding wars for the few units that were available, and prices were predicted to rise along with demand. This January, the outlook is very different with both metrics reversed. Prices are lower and so is demand, which could lead to a further reduction in prices over the next few years while vacancy rates continue to increase. Simply put, there are no indicators (despite the release of the vaccine) that this trend will stop anytime soon.   

Renters and landlords are experiencing new challenges adapting to evolving regulations and market demand is rapidly changing. Families are migrating to the suburbs in search of space, and once highly sought after downtown condos are sitting vacant for months. It wasn’t that long ago that a year lease would never include a month (or two) of free rent. 

Source – https://www.rentseeker.ca/rent/apartment/ontario/toronto/5380/355-st-clair-avenue-west

Over the past few years, the Canadian rental real estate market has grown exponentially, with demand (and prices) for downtown units skyrocketing. After multiple years of new highs, 2021 will see new lows for many segments of the rental market. This is in staunch contrast to the real estate market as a whole which is expected to hit new highs in 2021. 

The CREA just announced that national home sales set another all-time record in December 2020. The following chart visually shows how active the real estate market has been over the last year. 

Source – https://creastats.crea.ca/en-CA/

Changes in Renter Demographics

Renter preferences changed overnight once Covid-19 hit. With prices reaching all-time highs over the past few years, many renters have been considering options outside of major cities. The exodus has officially started, and for the first time in many years, demand for rental condo units has declined significantly. A tidal wave of vacant units has swept over downtown cores and there are deals to be found in areas that previously had record low vacancy rates. 

Renters Market

Renters are in the driver’s seat for the first time in years. Toronto’s vacancy rates for apartments built in the last 15 years (since 2005) hit 5.7% this month, the highest level for the city in the last 50 years. 

The December Rentals.ca Rent Report showed that rental prices for all property types were down 9.1% annually in November 2020. Condos were the hardest hit property type with the average rent price falling just over 19%. 

If you are thinking about moving, now is a great time to consider your options as landlords compete for quality renters. There are discounted apartments for rent in Toronto and there are deals to be found across the country. For more information, renters can also check out our guide to average rent prices in Canada to help gauge the current market.

Benefits To Those In the Market

Through the challenges of the pandemic, there have arisen opportunities for those who are currently in the market for a new rental property. Maria B, a 31-year-old IT worker who saw their job transition to a fully remote position has decided to upgrade from a basement unit to a condo. Between the savings from not commuting and reduced entertainment expenses, she decided that now is a great time to upgrade and invest more of her monthly income towards her home.

“I’m able to afford a rental unit in a very desirable area of the city now. I’m thinking long term, and getting a month of free rent”. A year ago Maria would have had a lot of competition for units that are now reduced in cost. 

Space in the Suburbs

Space is a very precious commodity right now. With lockdown regulations in place, your home is truly your palace. The desire for larger homes and backyard living space has driven families back to the suburbs. Real estate prices have exploded in areas outside the GTA and demand for rental units outside of the city is increasing as well. These factors have contributed to lower demand for city units and prices have dropped accordingly. 

David C is a realtor in Barrie with an office in Toronto. “I’ve never seen demand like this for areas outside of the city” and continues to say “I expect to see this pattern continue as families, and remote workers, in particular, are realizing the benefits of more space and comfort outside of the city”.

Remote Work

The shift to remote work has accelerated exponentially since the pandemic. Once considered a lifestyle trend, remote work is the new reality for many people and businesses. Office buildings are sitting empty and as more companies adopt remote work scenarios, continue to see demand in downtown city cores decrease across the country. 

Those who are now working from home are reconsidering their living spaces. Small condos are no longer favourable options and demand for single-family homes and detached homes have driven bidding wars. 

Closed Borders & Immigration

Immigration is an essential component of the Canadian economy and continues to be one of the most important factors affecting demand in the Canadian housing market. Global health concerns have brought immigration to a halt, severing the supply of renters that were once a vital contributor to the housing market. These changes have further contributed to the flood of available condo units on the market for sale and for rent. 

No Tourism & The Increase in Available Rental Units

Most countries’ borders are closed, meaning travel and tourism has ground to a halt and most likely will be banned for the foreseeable future along with travel restrictions. A lack of tourists has put a dent in the Canadian economy and employment rates. Tourism is a major part of the economy and accounted for 2% of Canada’s GDP in 2019 and over 750 000 jobs. The lack of tourism has contributed to lower rental prices in several ways. 

Airbnb units sat vacant for months on end, and eventually, many owners transitioned them into long term rental units. As a result, the market was flooded with units that previously were in the Airbnb system, contributing to lower prices and increased supply for renters. As the pandemic drags on, more short-term rental unit owners will be dealing with surmounting debt, contributing to the swelling supply of rental units and condo units for sale. The supply of Airbnb units hitting the market has had a dramatic impact on housing in Toronto, as reported by the CBC. 

Secondly, there is a large number of people who have and will continue to struggle with employment that works in tourism or directly related industries. As a result of no tourism, there are fewer renters looking for places in popular entertainment areas and downtown cores. 

Image Source – https://www.freepik.com/free-photo/low-angle-shot-buildings-harbourfront-toronto-canada_10292907.htm

Changes & Challenges for Landlords

To fully understand the changes going on in the rental market, it’s important to analyze the perspective of landlords and property owners who are facing their own challenges. 

Danny works for a property management company in Toronto’s downtown core and stated that over the past half-year, in particular, the oversupply of rental units compounded with the lack of renters has created a market never seen before. “Before the pandemic there used to be 10 applicants for every property. Now there seem to be 10 properties for every renter”.

To navigate the challenges of 2021 and beyond, property owners will have to face difficult choices. Many have opted to lower prices, and others have incentivized renters with one or two months of free rent. 

Rent Freeze

It’s important to highlight that many provincial governments imposed regulations to freeze rent increases in 2021 in an effort to help protect renters. Ontario introduced legislation to freeze rent prices in 2021 and other provinces have introduced similar legislation. We can expect that in the years following 2021, annual increases will be regulated in efforts to help both renters and property owners. 

Freezes on Evictions

Freezes on evictions have left many properties in a state of limbo. To further compound many situations, legal processes have been slow or temporarily stopped due to the pandemic. Over the summer the Protecting Tenants and Strengthening Community Housing Act was introduced to help ease the situation. Essentially landlords are being encouraged to negotiate repayment agreements with their tenants instead of seeking evictions if rent payments cannot be paid due to COVID-19 implications. 

Showings Are Not the Same

Nothing will motivate prospective renters like a good showing. With current lockdown regulations in place, landlords have to utilize new tactics to sell renters on their units and increase exposure. The transition to a digital real estate environment has accelerated in the age of the pandemic, and here at RentSeeker, we’re helping landlords embrace the change. 

RentSeekers offers industry-leading apartment and real estate marketing solutions for landlords who are experiencing challenges with vacant properties. 

Unemployment

With many Canadians struggling with employment, finding quality applicants is very challenging and will be for months to come. Without full employment, it’s complicated to complete a rental agreement and unfortunately, many Canadians are dealing with unemployment or reduced income. The following graph shows the employment percentage change for Canadians over the past year

Source – https://www150.statcan.gc.ca/n1/pub/71-607-x/71-607-x2020009-eng.htm

Moving Forward

There is no shortage of challenges moving forward for renters. Safety and health concerns will continue to lower demand for rental apartments in densely populated cities contributing to decreases in prices. Landlords will have to continue to offer favourable prices and incentives for renters. 

Contributing to the vacancy rates is the number of new units hitting the market. Over the past few years, condo building construction has increased, with Toronto trailblazing a new path. Not only does Toronto have the most number of active cranes of any city in North America, but the figures are so high that it’s estimated that 30% of all cranes in North America are currently in Toronto. 

Despite the daunting challenges ahead, the real estate market is predicted to steadily increase throughout the year. The Canadian Real Estate Association predicts the average home prices to increase by 9.1% in 2021. Some predictions are calling for a record year ahead, complete with bidding wars and buyers taking advantage of record-low mortgage rates, according to RBC Senior Economist Robert Hogue in this report. 

When a large tree falls in a forest it leaves behind a path of destruction. The force of a large tree falling will create a large hole in the canopy known as a tree fall gap. Within the wake of the damage arises the opportunity for smaller plants and trees to thrive in the short term until the canopy is once again filled overhead. Covid-19 has ripped a hole through the rental market, and in its wake, will be a future of lower prices and increased options for renters.

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Numerous end of year summary reports indicated that the Canadian real estate market effectively achieved a soft landing. Over the past year and half, the industry has experienced a seismic shift that has brought the astronomical prices of 2017 back down to Earth. Rising interest rates, foreign homeowner taxes and rising household debt have all been strong forces acting on the market.

All of these factors have created an environment where housing affordability measures are at all time highs, and are expected to increase. Many of the top cities in Canada are expected to see rental rates increase anywhere between 7-11% by the end of 2019, and despite the dip in buying prices, rental prices are showing no signs of slowing down.

RentSeeker.ca takes a look at the top 10 most and least expensive cities to rent in Canada.

Top 10 Most Expensive Cities For Rental Apartments in Canada

#1 – Yellowknife, NWT – Average Rent Price = $1581/month

Yellowknife is #1 on the list of the most expensive cities to rent in Canada!

#2 – Vancouver, BC – Average Rent Price = $1507/month

Vancouver comes in 2^nd place for most expensive cities to rent in Canada.

#3 – Toronto, ON – Average Rent Price = $1360/month

Toronto is the third most expensive city to rent an apartment.

#4 – Victoria, BC – Average Rent Price = $1264/month

Fourth is Victoria on our list.

#5 – Kingston, ON – Average Rent Price =  $1238/month

Kingston ranks fifth as the most expensive city to rent in Canada.

#6 – Ottawa, ON – Average Rent Price = $1214/month

Ottawa is the sixth most expensive city to rent an apartment.

#7 –  Barrie, ON – Average Rent Price = $1198/month

Barrie takes the 7^th spot on the most expensive list.

#8 – Oshawa, ON – Average Rent Price = $1153/month

Oshawa is the eight most expensive city in the country to rent an apartment.

#9 – Kelowna, BC – Average Rent Price = $1139/month

Kelowna is #9 on our list.

#10 – Edmonton, AB – Average Rent Price = $1125/month

Edmonton rounds out the list of the top 10 most expensive cities to rent an apartment in Canada

Top 10 Least Expensive Cities For Rental Apartments in Canada

#1 – Thetford Mines, QC – Average Rent Price = $461/month

Thetford Mines is the least expensive city to rent an apartment in Canada!

#2 – St. Georges, QC – Average Rent Price = $478/month

The 2^nd least expensive city to rent an apartment is St. Georges.

#3 – Victoriaville, QC – Average Rent Price = $506/month

Victoriaville is #3 on the list of least expensive cities in Canada to rent an apartment.

#4 – Edmundston, NB –  Average Rent Price = $511/month

The fourth least expensive city to rent an apartment is Edmundston.

#5 – Matane, QC – Average Rent Price = $514/month

Matane is #5 on our list.

#6 – Trois-Rivieres, QC – Average Rent Price = $534/month

The sixth least expensive city to rent an apartment in Canada is Trois-Rivieres.

#7 – Saguenay, QC – Average Rent Price = $547/month

Saguenay ranks #7 on our list of the least expensive cities to rent in the country.

#8 – Drummondville, QC – Average Rent Price = $556/month

Drummondville is the eight least expensive city to rent an apartment in Canada.

#9 – Sherbrooke, QC – Average Rent Price = $588/month

In 9^th position for least expensive city is Sherbrooke.

#10 – Kentville, NS – Average Rent Price = $672/month
Taking #10 on our list of the least expensive city to rent an apartment in Canada is Kentville.

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.

There are many factors which need to be considered for both renting and buying, including understanding all the financial responsibilities for both,  the risk vs. reward, and even emotional factors which are crucial to this decision process, since for most consumers, purchasing a home is the largest investment of their lifetime.

RentSeeker.ca, Canada’s leading apartment, condo and home finder, has built a new, one of a kind, Rent or Buy Calculator to help consumers compare the costs associated with renting vs. buying.

The new Rent or Buy Calculator by RentSeeker.ca provides valuable tools including pre-inputted average rent costs for many cities across Canada which users can find by choosing a province, city and bedroom type, or users can input their own rent costs in the custom field for “Monthly Rent”.

Should You Rent or Buy? This New Rent vs. Buy Calculator Will Help You Decide!

For media inquiries or to share our new Rent vs. Buy Calculator,  please email:  media@rentseeker.ca.

The data is presented in an easy to read infographic.

Renters and landlords are welcome to use the data below as a resource for reference.

The new INFOGRAPHIC published by RentSeeker.ca includes theist of rent for the following units across Ontario.:

• Studio / Bachelor Apartments and Condos
• 1 Bedroom Apartments and Condos
• 2 Bedroom Apartments and Condos
• 3 Bedroom Apartments and Condos

For media inquiries and to share our INFOGRAPHIC please email:  media@rentseeker.ca

Apartment Rentals and Condos in Toronto topped the pricing charts with;

Studio Apartments and Condos in Toronto averaging $902

1 Bedroom Apartments and Condos in Toronto averaging $1,110

2 Bedroom Apartments and Condos in Toronto averaging $1,301

and 3 Bedroom Apartments and Condos in Toronto averaging $1,531

Other cities across Ontario included in the newly published report include:

Apartments and Condo Rentals in London, Ontario

Apartments and Condo Rentals in Ottawa, Ontario

Apartments and Condo Rentals in Hamilton, Ontario

Apartments and Condo Rentals in Kingston, Ontario

Apartments and Condo Rentals in Kitchener, Ontario

Apartments and Condo Rentals in Windsor, Ontario

Apartments and Condo Rentals in Barrie, Ontario

Apartments and Condo Rentals in Brantford, Ontario

Apartments and Condo Rentals in Stratford, Ontario

Apartments and Condo Rentals in St. Thomas, Ontario

Apartments and Condo Rentals in Peterborough, Ontario

Apartments and Condo Rentals in Guelph, Ontario

Apartments and Condo Rentals in St. Catharines, Ontario

To view RentSeeker.ca annual report showing the average cost of rent across Canada – please refer to our annual INFOGRAPHIC published in Decemeber 2015 – which can be found here: 

Other media outlets featuring RentSeeker.ca’s annual reports and INFOGRAPHICs can be found here:

• Business News Network (BNN) 
• Huffington Post
• CTV News
• Global News
• MoneySense Magazine
• Canadian Geographic 
• Tri-City News
• Business in Vancouver
• The Loop.ca
• The Red Pin
• Rental Housing Business 
• Calgary Buzz
• Windsor Star
• Globe and Mail
• CBC News

For more information and stay up to date on all the latest real estate and rental market data and information, subscribe to RentSeeker.ca’s real estate blog, and follow RentSeeker.ca on Twitter and Facebook.

RentSeeker.ca’s newest [INFOGRAPHIC] shows the average cost for apartments in cities across Canada and covers the following apartment categories:

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

*(for media inquiries or to share our INFOGRAPHIC, please contact us at 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, Real Estate Brokers, Mortgage Professionals, Economists, and Journalists by providing an in-depth analysis of Canada’s Real Estate landscape. The report follows RentSeeker.ca’s recently published annual report and INFOGRAPHIC on Canada’s Housing Market.

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Average rent in Toronto Proper

As expected, Toronto ranked the most expensive city throughout the Greater Toronto Area with rents for Studio / Bachelor apartments in Toronto averaging $928 (per month).

1 Bedroom Apartments in Toronto averaged $1,201 (per month).

2 Bedroom Apartments in Toronto averaged $1,596 (per month).

And 3 Bedroom Apartments in Toronto averaged a whopping $2,321 (per month).

For those willing to commute (and looking to save on housing costs), cities like Oshawa which is located about an hour or so away from Toronto, has apartment rentals available for quite a bit less monthly rent, making commuting a serious consideration for many.

Average Rent in GTA (Surrounding Areas)

Studio / Bachelor apartments in Oshawa averaged $680 (per month) – compared to Toronto’s $928.

1 Bedroom Apartments in Oshawa averaged $858 (per month).

2 Bedroom Apartments in Oshawa averaged $1,002 (per month).

And 3 Bedroom Apartments in Oshawa averaged $1,212 (per month) – compared to Toronto’s 3 Bedroom Apartments at $2,321.

Other cities listed on the new RentSeeker.ca report of average rents for apartment – include:

• Mississauga 
• Oakville
• Whitby
• Ajax
• Brampton

To view real-time average rent in Toronto and other Canadian cities, make sure to check out our average rents page.

For more information about Canada’s Rental Market, Apartment Design, Decorating  and DIY Ideas, and Apartment Living Tips, follow RentSeeker.ca’s blog.

And join the conversation with The RentSeeker.ca Team on Twitter and Facebook!

From October 2014 – October 2015, average vacancy rates for privately initiated purpose-built rental apartments increased to 3.3 per cent in October 2015 – from 2.8 per cent in October 2014.

The average rent prices for two-bedroom apartments (in existing structures) increased 2.4 per cent between October 2014 and October 2015.  In October 2015, the average rent for a two bedroom apartment in new and existing structures across the country was $960.

Here are the Top 5 Most Expensive Apartment Rental Markets in Canada:

• Number 1 ->  Vancouver at $1,360 (per month).
• Number 2 -> Calgary at $1,332 (per month).
• Number 3 -> Toronto at $1,274 (per month).
• Number 4 ->  Edmonton at $1,259 (per month).
• Number 5 ->  Ottawa at $1,172 (per month).
• The least expensive apartment rents are in Trois-Rivieres, Quebec at $581 (per month).

(*based on the CMHC data – which is averaged for 2 bedroom apartment rentals).

For more information about Canada’s rental market, apartment living tips and ideas and more, subscribe to our blog at: www.RentSeeker.ca/Blog

And follow the RentSeeker Team on Twitter and Facebook to join the conversation!

To start your search for your new apartment today – visit Canada’s #1 Apartment Finder: www.RentSeeker.ca!

RentSeeker.ca – Canada’s Leading Apartment Finder and Real Estate Marketing website has published a new [INFOGRAPHIC] comparing the average cost to rent an apartment in 25 cities across Canada and the U.S. for the following apartment types:

•  Studio & Bachelor Apartments
• 1 Bedroom Apartments
• 2 Bedroom Apartments
• 3 Bedroom Apartments

*Cities included in our INFOGRAPHIC were determined by a number of factors including population, relevance for comparison and other factors.

We plan to release further data in the near future which will include other cities as well.

RentSeeker.ca, Canada’s leading Apartment and Housing Finder has published the House Price Analysis and Assessment information in an INFOGRAPHIC for readers to be able to view the Housing Price Analysis and Assessment in a snap-shot form for easy reference.

(Click on the INFOGRAPH to Enlarge)

The overall assessment of risk detected by the framework is high for Toronto, Winnipeg and Regina. In Toronto, the high overall risk reflects a combination of price acceleration and overvaluation. The high level of risk in Winnipeg reflects risks of overvaluation and overbuilding, while in Regina it reflects price acceleration, overvaluation and overbuilding, particularly of condominium apartments.

“Nationally, CMHC continues to detect a modest risk of overvaluation. However, our overall assessment of the risk of problematic conditions varies from centre to centre due to regional differences in housing markets. Imbalances in local housing markets could be resolved with further moderation in house prices or improving economic conditions,” said Bob Dugan, CMHC’s Chief Economist.

“In the case of Toronto, strong price acceleration in 2015 reflects a larger share of sales of pricier homes. The rise in house prices have not been matched by growth in personal disposable income, giving rise to a modest risk of overvaluation”.

The risk of problematic market conditions continues to be assessed as moderate for Montréal and Québec due to the detection of some risk of overvaluation.

In Toronto, Ottawa and Montréal, we are monitoring the risk of overbuilding. Condominium units under construction are near historical peaks. Inventory management is therefore necessary to make sure that these condominium units under construction do not remain unsold upon completion.

Low overall housing market risk is observed for Vancouver, as none of the individual risk factors are currently detected.

The results released today include those for the national market as well as 15 Census Metropolitan Areas (CMAs) – Vancouver, Victoria, Calgary, Edmonton, Regina, Saskatoon, Winnipeg, Toronto, Hamilton, Ottawa, Montréal, Québec, Moncton, St. John’s and Halifax (with Victoria, Hamilton and Moncton being added from the previous report released in April).

The centres recently added, Victoria, Hamilton and Moncton are assessed as low overall risk. None of the risk factors are detected in Victoria, while overheating is detected in Hamilton, and overbuilding in Moncton.

The HPAA is a comprehensive framework that is designed to assess housing market conditions by taking into consideration the economic, financial and demographic drivers of housing markets. The use of multiple indicators of housing conditions, which incorporate various data sources and price measures, provides a robust picture of overall housing market conditions.

CMHC’s HPAA framework is designed to detect the presence of problematic conditions in Canadian housing markets. The HPAA framework assesses housing market conditions and considers the incidence, intensity and persistence of four main risk factors:

1. Overheating of demand in the housing market, wherein demand significantly outpaces supply.
2. Acceleration in the growth rate of house prices, which could be partially reflective of speculative activity.
3. Overvaluation in the level house prices which could be partly reflective of speculative activity.
4. Overbuilding of the housing market, which suggests that supply significantly outpaces demand.

For those who feel that given the overall assessment, renting an apartment might be a better option than purchasing a home, RentSeeker.ca offers a database of thousands of apartment listings across Canada.