Wednesday, March 5, 2014

FACTS about rental housing in Ontario today

Here is some very useful facts about rental housing market in Ontario

Income and housing prices have outpaced rents for the past 10 years.

Rent increased 10% between in the last ten years, while 
- incomes went up 26% and 
- house prices went up 35%

Cost of owning home compared to renting is at 60 years high
According to the bank of Canada, the ratio of home ownership costs to renting is close to its highest level since 1949

42% of all Renter households are 1-person households
Over 42% of all renters in Ontario consist of just one person, up from 22% in 1971.

Highest vacancy rates are found in apartments the lowest monthly rents 
Toronto vacancy rate for apartments $799/month or less is 3 times higher apartments renting over $1000/month