<p>Housing affordability continues to deteriorate for Canadian tenants amid across-the-board increases in rent rates, according to the latest data from the Canada Mortgage and Housing Corporation.</p><p>The average rent for a two-bedroom home across Canada increased to $1,167 in 2021, representing a 3% rise from $1,128 in 2020 and $1,080 in 2019. This trend was impelled by a supply-demand imbalance and by the different speeds that markets have recovered from the worst effects of the pandemic, said Bob Dugan, chief economist at the CMHC.</p><p>The increases were most prominent in Vancouver (up 2.4% to $1,824) and the Greater Toronto Area (up 1.5% to $1,666).</p><p><br></p><p>“When you look at lower income households the mismatch between affordable rentals and the number of households gets worse,” Dugan said. “Last year in Toronto and Vancouver, only 0.2% of the rental [segment] was affordable for the bottom 20% of earners.”</p><p>Read more: <a href="https://www.mpamag.com/ca/news/general/pbo-highlights-canadas-deteriorating-affordability-situation/325975">PBO highlights Canada’s deteriorating affordability situation</a></p><p>Per CMHC’s calculations, a tenant in a two-bedroom purpose-built apartment would have to work 198 hours per month in Vancouver and 178.3 hours in the GTA to keep the monthly rent at 30% of gross income, the level that the Crown corporation considers the threshold of affordability.</p><p>“That person has to work more than full-time or needs a second tenant in the unit with them to make that rent affordable, if they’d like to get it down to 30% of income,” Dugan said. “That’s an even bigger mismatch, when you get to that bottom 20% [of earners], so that’s something that’s a concern to us.”</p><p>The national rental vacancy rate stood at 3.1% in 2021, versus 3.2% in 2020 and 2.2% in 2019.</p>

Canada rent prices – how are rates shaping up?

Bill Papaioannou a Broker with RE/MAX Escarpment Realty Inc. has consistently been one of the top Hamilton real estate agents over the past twenty-nine years,. Bill has a keen business sense and passion for real estate and has established himself as a well respected and trusted real estate Broker for Hamilton, Dundas, Ancaster, Stoney Creek, Grimsby, Burlington and surrounding communities.

Beginning his real estate career in 1989 with Royal Le Page, Bill has consistently been awarded several sales achievements and distinctions. In his first three years with Royal LePage he was awarded the Sales Achievement and Master Sales Award. Since joining RE/MAX in 1993 he has received almost every major award and distinction available including the Executive Club, President’s Club, 100% Club, Platinum Club, Hall of Fame, Lifetime Achievement award in 2011. In 2015 &amp; 2017 Bill has been honoured with one of the most distinguished and exclusive RE/MAX Awards, The Chairman Club. This award recognizes the top .72% of 119,000.000 of RE/MAX agents world wide, one of highest levels of sales achievement within RE/MAX. Only 861 individual agents were recognized with this prestigious award in 2017 within RE/MAX Worldwide. Also recognized number 1 as a Top Rated Agent at Rate My Agent for all of the Hamilton Real Estate Board and top 50 across Canada. To ensure that client expectations are always surpassed, Bill has secured an exceptional team of professionals who shares his uncompromising professionalism and integrity. His team of professionals include a dedicated, personable buyer's agent and assistant, interior designer, professional stager and a internationally acclaimed photographer. Working together under Bill's direction and guidance they have surpassed many of their clients expectations, achieving well above their asking price and selling in record time. As a skilled negotiator with an unwavering focus on customer satisfaction you can be rest assured that Bill’s team will always strive to have your best interests in mind whether you're buying or selling the single, most important investment in your life.

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Bill Papaioannou, Realtor, Broker helps you buy and sell your home for top dollar fast in the Hamilton real estate market. 