The average asking rent in Canada reached another record high of $2,078 in July. Rents increased 8.9% annually, the fastest pace of growth of the past three months. The 1.8% increase in average asking rents over June represented the fastest month-over-month growth of the past eight months.
consider I rented 2br around 900 in around 2010~2012, this really is insane level of rent increase.
Moved to the island in 2013 and 1br were 450 to 550, 2br 750 to 900. Right now I'm seeing 1br going for 1500 to 2k and 2br going for 1800 to 3k.
None of this makes any fucking sense, my income had tripled since I moved here, with graduating school and getting a good job, yet I'm still living like I was in 2015 making minimum wage.
So many people I know in Kelowna would be homeless if they had to move out now because they are in a place like this. Lots of people are paying half of what the current rents are because they have been in an older place for years. The sad thing is, that older place would be going for something more in line with the rest of rentals if the landlord could rent it again.