Rent for a 2-bedroom in Montreal could hit $4,325 in eight years: study
CTV
A new study out of Montreal's Concordia University found that, if policies and trends remain unchanged, a two-bedroom in Montreal will cost $4,325 per month, a similar unit in Toronto will cost $5,600 and one in Vancouver will be around $7,750 within eight years.
Could rent in Canada's hottest markets top $7,500 in under a decade?
A new study by Montreal's Concordia University found that, if policies and trends remain unchanged, a two-bedroom in Montreal will cost $4,325 per month, a similar unit in Toronto will cost $5,600, and one in Vancouver will be around $7,750 within eight years.
Researchers used artificial intelligence to create projections based on data from the Canada Mortgage and Housing Corporation (CMHC), Statistics Canada, and immigration and population projections from the Government of Canada.
"We look at the past, how things affected rents, and then use government projections to predict the future," said lead researcher Erkan Yonder. "So, if you don't change what we do in Canada and if we keep, like, the immigration policies the same, if we keep our real estate policy, like supply policies the same, this is the outcome."
The Rentals.ca September 2024 report says that average two-bedroom rent in Vancouver is currently $3,632 (down 6.4 per cent this year), $3,158 in Toronto (down 7.5 per cent) and $2,276 in Montreal (up 1.8 per cent).
The average rent for a two-bedroom in Canada is $2,278 (up 4.3 per cent) and $2,168 in Quebec (up 4 per cent).
Yonder said the housing supply is not able to keep up with the excessive demand and that local governments need to increase construction in certain areas.
