Rising Rents, Sinking Confidence: Canadians Losing Hope in Affordable Housing

Polling shows most Canadians not confident housing will become more affordable in the near future.

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New data is shining a light on how Canadians are feeling about the housing market in the second quarter of 2024, and the picture isn’t pretty.

With rental prices in Vancouver and Toronto for a one-bedroom apartment sitting at $2,646 and $2,553, respectively, renters in Canada’s major cities aren’t seeing reprieve any time soon.

Would-be homeowners aren’t faring too well either. With the average home cost in Canada at $703,000 (With the average home price in BC and Ontario being $1M and $900K, respectively), Canadians are getting frustrated with the market.

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Let’s see what the data is telling us.