Rental prices statistics as of January 2020
Renting has now becoming more popular than buying a house especially among young professionals who’s just starting out. There are many advantages if you choose to rent instead of buying a house. There is no maintenance costs or repair bills for your landlord is responsible for all of those. You can also have an access to amenities in upscale apartment complexes such as in-ground pool or workout equipment that is usually expensive.
You don’t also have to pay for property taxes, and you have lower insurance costs and utility bills compared to homeowners. And whenever you feel like moving to another place, you can always do unlike homeowners who are restricted to the places that they can afford because it is easier to have your money ready for the monthly rent than buying the whole property.
As of January 2020, most of the states across Canada lowered their rental prices for 1 bedroom such as Vancouver, Edmonton, Saskatoon, London, and Ottawa. While there are states that increased their rents like Calgary, Regina, Winnipeg, and Montreal. But there is also Toronto’s statistics that didn’t change at all.
There are many factors that are responsible for the fluctuation of rental prices. For example, the time of the year is one of the reason why rents increase or decrease. During summer, the demand for rental properties is much higher than those during the winter season. Keeping up with the competitive real estate market could be another reason too. There could also be a rise in economy or development in the neighborhood that can cause a boost in the prices for the quality of life in that area will be much better. Always remember that the stronger the demand, the higher the price.
According to the statistics, Toronto remains as the state having the highest rental price of $1,982 while Saskatoon have the lowest rent amounting to $929. The high difference in terms of rental prices between the two can be caused by the cost of living. Since Toronto is a large, developing city, the cost of living is higher than other cities especially that people seek jobs and prefer to live in the city in which landlords take those high demand as an opportunity and raise their rental prices. Compared to Saskatoon, the consumer prices including rent in Saskatoon are 27.09% lower than in Toronto.
Whether the rent is higher or lower, it’s still your preference that matters. You can choose living in the hustling city with a lot of job opportunities and easy access to extravagant lifestyle or you can opt for the tranquil type of living in one with nature for a comfortable and peaceful and simple lifestyle.