Rent prices soaring in Waterloo region and across Canada
CTV
The average asking price for a one-bedroom now surpasses $2,000 in each of the tri-cities and Guelph.
The increase in immigration and rising interest rates is putting more pressure on renters.
A new report from rentals.ca says the average asking price for a rental unit in Canada reached $2,042 last month, surpassing the previous record set in November 2022 by 0.9 per cent.
“The rental market is certainly under a lot of pressure, so broader supply and demand imbalances continue to keep competition quite fierce," Rachel Battaglia, economist, at RBC Economics said.
“We could end up in a situation where long-time residents of particular cities and neighborhoods are unable to stay in their community, we could also see rise in the number of people and families that are living in inadequate housing."
Renters here in Waterloo region are well aware of the crisis.
"The prices are nuts. You can get by without a car but you can't get by without an apartment, a place to sleep," one person told CTV Kitchener on Friday.
The average asking price for a one-bedroom now surpasses $2,000 in each of the tri-cities and Guelph.
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