After taking a breather in June, rent prices continued to trend upward in July, rising 2.6% in the past month.
The average rent in Canada took a breather in June, dropping slightly compared to May, according to data from Rentals.ca....
Rapidly rising interest rates and other economic headwinds mean it's becoming increasingly likely Canada will enter into a recession.
Record-low interest rates drove mortgage debt 9% higher on an annual basis in 2021, its fastest pace since 2008.
As home prices retreat, rent prices continue their upward climb.
The first quarter marked the fifth consecutive deterioration in housing affordability, and the worst drop yet, according to National Bank of Canada.
With rising rental demand outpacing available inventory, rent prices rose an average of 9% across the country in April compared to last year.
Rising interest rates and an uncertain economic outlook are causing many would-be homebuyers to postpone their plans to purchase a house.
Rising interest rates is a concern for most mortgage holders, though many feel "well-positioned" to deal with it.
The amount of mortgage debt taken on by Canadians set a fresh record in 2021, eclipsing the previous record set the year before.
