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Rental Rates

MAY 2020 RENT REPORT

Posted in Housing, Industry Trends, Newsworthy, Rental Rates, Vacancy Rates

MAY 2020 RENT REPORT

Although average rents in Canada were unchanged in April over March, rental prices for apartments and condo apartments listed on Rentals.ca were down 3.2% and 4.6% respectively month over month. Also, average monthly rents for all property types were down in April over March in some major cities including Toronto, Vancouver, Calgary and Ottawa.   National Overview With most of the country on lockdown, the majority of tenants are staying put for both financial and health reasons. Many large...

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YUKON GOVERNMENT ROLLS OUT RENT SUBSIDY PROGRAM

Posted in Affordable Housing, Coronavirus, Finance, Housing, Industry Trends, Newsworthy, Rental Rates

YUKON GOVERNMENT ROLLS OUT RENT SUBSIDY PROGRAM

The Yukon government is offering financial help to people who are having trouble paying rent due to the COVID-19 pandemic. Under the program, the government will cover up to half of rent for people in market housing. The amount of monthly assistance varies, from $415 for a bachelor apartment to $800 month for a three-bedroom. To qualify, residents must have lost 30 per cent of their income as a result of COVID-19 and must have applied for other sources of government aid. “Members of our...

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MORE THAN THREE MILLION CANADIANS BELIEVE THEY WILL BE ‘FOREVER RENTERS’, SURVEY SAYS

Posted in Housing, Industry Trends, Newsworthy, Rental Rates

MORE THAN THREE MILLION CANADIANS BELIEVE THEY WILL BE ‘FOREVER RENTERS’, SURVEY SAYS

With the average cost to rent a one-bedroom apartment in Toronto at more than $2,200 a month and a two-bedroom at almost $3,000, many feel the dream of home ownership will never happen for them, according to a new survey. In the Generation Rent survey, 1 in 10 Canadians believe they will be forever renters. That is about 3.4 million Canadians. Of those who don’t currently own a home 19% believe they never will. “We do place a great importance on home ownership,” said Scott Brike, the...

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COVID-19 AFFECTING RENTAL MARKET AS RENTS DECLINE IN MOST MAJOR CANADIAN CITIES

Posted in Coronavirus, Industry Trends, Newsworthy, Rental Rates, Vacancy Rates

COVID-19 AFFECTING RENTAL MARKET AS RENTS DECLINE IN MOST MAJOR CANADIAN CITIES

Average monthly rents were down in April over March in Toronto, Vancouver, Calgary and Ottawa, according to the monthly National Rent Report from Rentals.ca and Bullpen Research & Consulting. Also, rental apartments and condo apartments listed on Rentals.ca were down 3.2 per cent and 4.6 per cent respectively month over month, even though average rents in Canada were unchanged in April over March at $1,842. But the coronavirus pandemic is starting to have an effect on the rental market....

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CONSTRUCTION TO BEGIN THIS SUMMER ON $30-MILLION, EIGHT-STOREY APARTMENT BUILDING ON CHARLOTTETOWN WATERFRONT

Posted in Affordable Housing, Development, Housing, Media Releases, Newsworthy, Rental Rates, Vacancy Rates

CONSTRUCTION TO BEGIN THIS SUMMER ON $30-MILLION, EIGHT-STOREY APARTMENT BUILDING ON CHARLOTTETOWN WATERFRONT

Construction on a new $30-million, eight-storey apartment building on the Charlottetown waterfront is expected to begin this summer. The city and Pan American Properties signed a development agreement over the winter for a 99-unit complex that will be located on a vacant lot behind Renaissance Place (the former Sacred Heart Home) on Haviland Street, between the Queen Charlotte Armouries and the culinary institute. Coun. Greg Rivard, chairman of the planning and heritage committee, said the...

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HOW WILL PANDEMIC RESHAPE THE RENTAL MARKET?

Posted in Affordable Housing, Coronavirus, Housing, Industry Trends, Newsworthy, Rental Rates, Vacancy Rates

HOW WILL PANDEMIC RESHAPE THE RENTAL MARKET?

How long has it been since we began hearing these words every day: COVID-19, coronavirus, pandemic? How long before we try to forget them? Who knows — could be awhile. Politicians, epidemiologists and public health experts are scrambling to keep up with the runaway virus trying desperately to flatten the curve. At the same time, government officials are offering billions of dollars to reboot the economy and holding routine press conferences to reassure us that all will be well again...

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RESIDENTIAL RENT RELIEF UP TO PROVINCES: TRUDEAU

Posted in Coronavirus, Finance, Housing, Industry Trends, Newsworthy, Rental Rates

RESIDENTIAL RENT RELIEF UP TO PROVINCES: TRUDEAU

Provinces are welcome to move forward with their own relief for residential renters, Prime Minister Justin Trudeau said days after Ontario’s provincial government appealed to the feds for support for renters as May 1 approaches. Steve Clark, Ontario’s Minister of Municipal Affairs and Housing, sent a letter to Ahmed Hussen, federal Minister of Families, Children and Social Development on April 23, asking him to provide support for residential renters. “When these families are forced to choose...

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TRUDEAU ANNOUNCES RENT RELIEF OF 75% FOR SMALL BUSINESSES AFFECTED BY CORONAVIRUS

Posted in Coronavirus, Finance, Industry Trends, Media Releases, Newsworthy, Rental Rates

TRUDEAU ANNOUNCES RENT RELIEF OF 75% FOR SMALL BUSINESSES AFFECTED BY CORONAVIRUS

The federal government is providing rent relief to businesses that can’t afford to pay their landlords at a time when their operations are seriously curtailed or shut down due to the COVID-19 pandemic. The federal help, expected to lower rent by 75 per cent for affected small businesses, will be provided in partnership with the provinces and territories, which have jurisdiction over rents. The Canada Emergency Commercial Rent Assistance for small businesses will provide forgivable loans to...

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WHAT WILL THE NEXT FEW MONTHS LOOK LIKE FOR THE RENTAL MARKET IN CANADA?

Posted in Coronavirus, Finance, Industry Trends, Newsworthy, Professional Services, Rental Rates, Vacancy Rates

WHAT WILL THE NEXT FEW MONTHS LOOK LIKE FOR THE RENTAL MARKET IN CANADA?

The average rent for all properties in Canada increased 1 per cent in March over February to $1,842, but decreased by 1.2 per cent annually, according to the monthly National Rent Report from Rentals.ca and Bullpen Research & Consulting. Uncertainty rules the rental market as the coronavirus pandemic plays out, but one good bet is that average monthly rental rates will decline in the next few months. By how much could depend on some variables including: how many will be laid off, lose...

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HOW MOM-AND-POP LANDLORDS ARE COPING WITH THE PANDEMIC

Posted in Coronavirus, Employment, Finance, Housing, Industry Trends, Payments Processing, Professional Services, Rental Rates

HOW MOM-AND-POP LANDLORDS ARE COPING WITH THE PANDEMIC

Thousands of tenants across the city weren’t able to pay their rent this month due to layoffs and lost work. Some mom-and-pop landlords are sympathetic: they, too are facing reduced incomes. In many cases, they can’t pay their own bills and are confronting the possibility of losing their properties. We spoke to a few about how they’re adapting to the new reality. Jeanne-Marie Robillard, 58, communications director “I’ve been a landlord for 27 years. I own a triplex with my husband, Mark...

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