Kingston – RentSeeker Blog

Canada’s Most and Least Expensive Cities to Rent Apartments: RentSeeker

RentSeeker Team — Tue, 28 Mar 2017 14:12:27 +0000

With Canada’s real estate market showing signs of stabilization in various cities, possibly and likely due to policy measures on housing by the Canadian government over the last few years, other cities like major cities; Vancouver and Toronto are still showing signs of increasing home prices for houses, condos and apartment rentals.

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.

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Newly Updated Rental Data Shows Average Rents for 20 Canadian Cities

RentSeeker Team — Wed, 14 Sep 2016 05:08:50 +0000

September 14th 2016 – RentSeeker.ca – Canada’s Leading Real Estate Listing Website and Apartment Finder, published newly updated rental data in what’s become it’s highly popular [INFOGRAPHIC] format, which has become a popular resource for Renters, Landlords, Economists, and Journalists which shows Average Rent Prices for September 2016 with Data Provided for 20 Canadian Cities.

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;

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.

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Rent An Apartment In Kingston, Ontario While You’re Saving Up To Buy

RentSeeker Team — Fri, 24 Apr 2015 13:15:54 +0000

If you’ve got a great job and you’re looking to put down roots, buying a home is always a great investment, no matter if a bear or bull market rules the day. And lovely Kingston, Ontario is certainly an ideal place to settle down. Touted as the “smartest” city in Canada, with more PhD grads per capita than anywhere else in the country, it’s also frequently cited as one of the best places to live by multiple polls. With Queen’s University, the Royal Military College of Canada, and St. Lawrence College, you can understand its reputation for brainy citizens, but it’s also a bustling hub of independent business, green and eco-friendly initiatives, numerous festivals and arts-related celebrations, a gorgeous freshwater sailing harbour, and beautiful parks and trails along the ever-majestic St. Lawrence River. While a small city of only about 125,000 residents, it packs the punch of a thriving metropolis and cultural centre, and is actually equidistant (and a short drive) away from Toronto, Ottawa, and Montreal if you need to make a business meeting, see an attraction, or meet up with your big-city friends.

However, and sadly, for many of us owning a home in Kingston or another city of our dreams is a distant or completely unrealistic fantasy. We’re either forced to wait until our financial or credit situation improves enough to make the necessary down payments, we settle with a place far from our ideal urban location, or we buy a more affordable home in the inner suburbs, squeezed out of the most attractive neighbourhoods that give a city character and charm (this is especially troubling in Toronto). Did you know that in conjunction with Blue Chip Mortgage, we recently completed an infographic that shows the necessary salary to buy a home in cities across Canada? The results may shock you.

In Kingston, the average price of a single-detached house in the fall of 2010 was $276,500. The average price of a home in the same season was $248,800. Assuming a 5–10 percent down payment for the home, a 5-year fixed mortgage rate of 5.59 percent, and a 25 year amortization, hopeful Kingston homebuyers are looking at a down payment of $12,440, an insurance fee of $7,682 (at 3.25 percent of the mortgage after the down payment), leading to mortgage payments of just over $1,500 per month. Even if the down payment and mortgage payments can be made, Kingston homeowners also have to pay well over $3,000 per year on property taxes — fees for fire, garbage, education, and other city services. Then there are upkeep concerns — plumbing, electrical, infrastructure, and so forth. It makes for a handsome bill each month.

While $1,500 per month for a small home — split between two people, if you’re a couple — isn’t too much different from renting a space in the city. But for many people, amassing a $12.5k down payment before buying makes little financial sense. Students in Ontario have an average debt of $28,000, which often takes many years to pay down. The average Canadian family is over $100,000 in debt. With these figures, having surplus savings for many Canadians — or surplus income that isn’t immediately used to help pay off enormous debt loads, with huge interest rates — simply isn’t in the cards. Taking a look at our infographic, London, Ontario is comparable to Kingston in terms of the cost of homes; therefore, according to our calculations, a homeowner would need a salary of at least $54,395 per year. And with our dwindling middle class and booming low-wage service industry, reaching this kind of salary is ever more of a rarity.

If you’re not yet ready to commit to such prices, still paying off your debts, or still climbing the corporate ladder, but you still want to live in Kingston, then we’re here to help you every step of the way by finding you a great place to rent! Even if you are in a position to buy, but you’d like to experience the city before committing to a particular neighbourhood, renting is an excellent way to live in the city for a short term without numerous obligations. Check out our extensive directory of apartments — you can narrow and customize your search to look for area, price, furnishings, parking, pet-friendly pads, and a whole lot more. Using our handy, social-media-integrated service will put you in direct contact with landlords and property owners looking to rent apartments in Kingston fast. Without a portal like ours, you’re forced to wade through a confusing jumble of ads, troll the streets looking for ‘For Rent’ signs, or reliant upon word of mouth.

Kingston is truly a beautiful, clean, safe, and happening place to live. But like all Canadian cities, it’s going to cost you if you want to own property. Get on your feet and stay where you love to live by renting a cool yet inexpensive apartment, and start planning for that future home — whenever the day might come.