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October marked the sixth consecutive month of record-high rental rates across Canada according to the November report from Rentals.ca.
Nationally, rental units across Canada averaged $2,178 in October, a $175 increase over six months.
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Predictably, Vancouver and Toronto are among the most expensive cities in Canada for renting apartments. In Vancouver, the average rent for a one-bedroom apartment is $2,872, while in Toronto it’s $2,607.
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Those rates have pushed people to look for unique solutions to the housing crisis, including one Toronto hotel that is offering monthly stays for $2,000, or about $600 less than the average one-bedroom apartment.
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Guests at Toronto Don Valley Hotel and Suites, located just off the DVP at Eglinton Avenue East in North York, are not subject to background or credit checks but must pay a refundable $500 deposit, Kevin Porter, the hotel’s general manager, told CTV News Toronto in an interview Thursday.
He said 60 of the hotel’s 350 rooms are available at the monthly rate and 18 of the units are currently occupied.
The rooms are standard, with a bed, bathroom, microwave and minifridge, while wifi, parking and cable television are included. Guests can also make use of the hotel’s gym and indoor pool.
The monthly offer is not new, with Porter adding that some guests have been at the hotel for years and he’s had to increase the rate from $1,800 to $2,000.
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With a 3.5-star rating on Google, positive reviews highlight the hotel’s prices, breakfast buffet, friendly staff and the fact that it accommodates pets, while negative reviews largely focus on the overall cleanliness and the rooms and furniture being dated.
Although Toronto and Vancouver both saw decreases in their month-over-month rental rates, with a 0.3 per cent drop in Toronto and a 3.5 per cent reduction in Vancouver, their rental prices have increased over the past year — 1.4 per cent in Toronto and 6.7 per cent in Vancouver.
Countrywide, the annual growth rate reached 9.9 per cent in October, the second fastest in seven years.
Canada’s five most expensive cities to rent are Vancouver, Burnaby, Toronto, Oakville and Mississauga. The most affordable rentals are in Winnipeg, Fort McMurray, Red Deer, Regina and Saskatoon, where rental units average $1,109.
Despite that, Manitoba and Saskatchewan experienced the highest month-over-month rent increases, at 5.5 per cent and 4.0 per cent, respectively. In October, Manitoba’s rents showed a 7.6 per cent annual increase, and Saskatchewan’s average yearly rent rose by 5.8 per cent.
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