BUSINESS

Kitchener, Ont. Is Home To Canada's Fastest-Rising Rent Prices

05/24/2017 03:42 EDT | Updated 05/25/2017 10:25 EDT

While Vancouver and Toronto make headlines with $1,700-a-month "micro-suites" and tales of landlords doubling rent, another city is seeing rents rise even faster.

Rent in Kitchener, Ont. is the fastest-rising in Canada, according to a new report from PadMapper.

kitchener ontario

Aerial view of downtown Kitchener-Waterloo, Ont. (Photo: Skyf via Getty Images)

The average one bedroom in the Ontario city now costs $970 a month. That's 15.5 per cent higher than this time last year, and one per cent higher than last month.

Prospective Kitchener buyers are also in a pinch.

The average sale has skyrocketed up $100,000 in the last year, the Waterloo Region Record reports.

'Uncharted territory'

Buyers can thank Toronto for the uptick in prices. "As an influx of Toronto-area buyers aggressively drive up prices, people who want to own a home in Waterloo Region are getting increasingly desperate ... the region's real estate market is in uncharted territory," according to the Record.

 

While Vancouver’s rental prices are astronomical — $1,940 for a one bedroom and $3,240 for a two bedroom — the growth is relatively moderate, PadMapper's report shows.

The price of a one bedroom grew just 1.6 percent from last year, and 2.1 per cent from last month.

In Toronto, prices have actually dropped since April. The current price of a one bedroom — $1,750 — is 1.7 per cent lower than last month, but 15.1 per cent higher than it was last year.

The Home Stretch

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