Kitchener Rents up more than 20%
Canada’s average annual rents up by 9.7%. In Kitchener, condo and apartment rentals have seen a rise of 28% in annual average rents. The average rent for a one-bedroom in Kitchener has increased by 22%, and the average rent for a two-bedroom has gone up by 25.5%. Kitchener ranks 12th for the average monthly rent of a one-bedroom at $1,932 and 11th for a two-bedroom at $2,406 in February.
Compared to the same time last year, the average monthly rent for a one-bedroom in Kitchener has increased by 22.2% and by 25.5% for a two-bedroom. The seven fastest-growing markets for purpose-built and condominium rents in February are all located in southwestern Ontario. Brampton saw an increase of 30.1%, Kitchener went up by 28.2%, Scarborough by 28.1%, North York by 26.5%, London by 23.1%, Hamilton by 22%, and Mississauga by 18.9%.
Housing Market Optimism up
A new survey shows that confidence in the Canadian real estate market up all demographics, with nearly half of urban Canadians expecting real estate to perform as well or better than financial investments within a year. Additionally, 60% of urban Canadians aged 18 to 77 believe that a residential purchase will match or outperform other financial investments over the next decade. The survey also found that one-third of urban Canadians are more likely to buy a home in the next five years than they were before the pandemic, while a similar proportion are more likely to sell a home.
Average Canadian Home Prices up for first time in a year.
The Canadian Real Estate Association (CREA) reported that home prices in Canada went up in February, marking the first increase in almost a year. The national composite benchmark rose by 1% to $715,400, which could indicate the end of the influence of monetary policy on prices. Despite the gain, prices are still 15.8% lower than the same month last year. The increase in home prices after 11 months of decline is noteworthy.
Housing Starts up 13%
Canada’s real estate market has received some positive news, as the annual pace of housing starts increased by 13% in February. The increase is mainly attributed to the construction of urban multi-unit and single-family detached homes. A housing start refers to the beginning of construction work on a building where a dwelling unit will be located.