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