Wishblade
Oct 31, 2007, 5:14 PM
Montreal continues to lead the country in rental affordability, according to a new Canada Mortgage and Housing Corporation study.
Halifax placed second ahead of Calgary, Vancouver and Toronto in the study of five major cities, the federal agency said in its Canadian Market Overview report released on Wednesday.
"Montreal has had the highest rental affordability since 1998, meaning that the median income has been relatively higher than the median two-bedroom rent, compared to other centres over the same time period," the federal agency said in the report.
Meanwhile, rental costs have continued to rise in Calgary, owing to an influx of workers attracted to the area by strong job growth.
Montreal, Halifax top rental affordability rankings
"A 12.0 per cent increase is forecast for the median rent in Calgary, while the median income of renter households will grow at only half that pace, the report said."
In Halifax and Vancouver, rental affordability is projected to remain steady, with rent and income increases keeping pace. The CMHC noted that affordability in Vancouver has fluctuated notably over the past nine years. But since 2002, high income gains for renters coupled with low rent hikes have helped to stabilize the market.
Renters in Toronto, the city which has been at the bottom of the rankings since 2003, should expect affordability to increase owing to a rise in renters' incomes, the CMHC said. But, the federal agency noted, despite the rise in affordability, it will still remain the least affordable city in the country.
http://www.cbc.ca/canada/nova-scotia/story/2007/10/31/cmhc-rent.html
Halifax placed second ahead of Calgary, Vancouver and Toronto in the study of five major cities, the federal agency said in its Canadian Market Overview report released on Wednesday.
"Montreal has had the highest rental affordability since 1998, meaning that the median income has been relatively higher than the median two-bedroom rent, compared to other centres over the same time period," the federal agency said in the report.
Meanwhile, rental costs have continued to rise in Calgary, owing to an influx of workers attracted to the area by strong job growth.
Montreal, Halifax top rental affordability rankings
"A 12.0 per cent increase is forecast for the median rent in Calgary, while the median income of renter households will grow at only half that pace, the report said."
In Halifax and Vancouver, rental affordability is projected to remain steady, with rent and income increases keeping pace. The CMHC noted that affordability in Vancouver has fluctuated notably over the past nine years. But since 2002, high income gains for renters coupled with low rent hikes have helped to stabilize the market.
Renters in Toronto, the city which has been at the bottom of the rankings since 2003, should expect affordability to increase owing to a rise in renters' incomes, the CMHC said. But, the federal agency noted, despite the rise in affordability, it will still remain the least affordable city in the country.
http://www.cbc.ca/canada/nova-scotia/story/2007/10/31/cmhc-rent.html