Monthly rent increases are expected across Canada

Monthly rent increases are expected across Canada

Everyone wants to live in a big house, with many rooms and the property big enough to drive around in a golf cart, with a pool and four-car garage, but not everyone can afford it, especially counting the fact that after purchasing a house like this for a hefty price, you will have to pay annual taxes on the property that could reach like $40-50 thousand dollars annually.

Sales were down 5 percent from 2017, and down 6 percent from the record-setting year 2016. Dollar volume of $3.77 billion in sales also went down year over year, and listings went up 2 percent to 23,834 listings from 2017, said WinnipegRealtors Thursday, January 10th.

But not everyone can afford to buy their own house, a lot of people just rent, especially in big cities, like Winnipeg.

According to the new report, low vacancy rates, inaccessible housing, and high-interest rates could lead to an increase in rental prices throughout Canada in 2019.

On Thursday, January 10th published its rental market forecasts for 2019, saying that finding an apartment, house or townhouse will continue to be a problem for tenants this year, mainly in the major cities of Canada.

The report says that in 2019, average rental rates may increase by six percent year on year at the national level. In Toronto, rental prices can rise by 11%, and in Ottawa by 9%, and in Vancouver - by 7%.

In Calgary, growth is expected at 4%, in Montreal at 1%, while in Edmonton rates will remain at last year's level.

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Winnipeg is a big city and it grows every year in the population and accordingly in the number of new houses built and old ones sold. In total, nearly 700 homes are on sale in the city, valued at $ 1 million and above.

In 2012, Prime Minister Brian Pallister, then the leader of the opposition, bought a $ 2 million mansion at Wellington Crescent, located on a 1.7-acre bank of the river, with annual property taxes of $ 38,000. At the time, it was the second largest residential property transaction in the history of Winnipeg.

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