70% of Canadians are outpaced by rental costs, survey says

Roughly 70 per cent of Canadians remain priced out of the rental market due to high costs.

Recent numbers from Rentals.ca — a national watchdog for the housing economy — revealed that, based on a spring survey, two-thirds of people in the country continue to be stonewalled by unattainable rental costs.

Nearly half of all respondents indicated that their average monthly earnings could afford them a rental in the wheelhouse of $1,500 per month.

However, this national average remains outpaced by current market standards, as data showed that the modern rental unit goes for $2,000, a quarter over the maximum spend for most Canadians.

As a result, four out of 10 respondents indicated they are willing to pack their bags to move somewhere more affordable.

This remains the dominant constant within the national desire for reasons to move, trailed closely by a desire for more space (30 per cent) and moving for work or school (22 per cent).

Even with the market remaining in an unpredictable state, Canadian renters aren’t sold that the future is looking brighter, with only 25 per cent stating they feel prices may go down within the next six months.