Renting in Canada Roundup: Can Tenants Name Their Own Price

With rental vacancies soaring, are Canadian landlords almost at the point of letting tenants name their own price? How much do couples have to earn to afford a two-bedroom in Canada? And how are high housing/rental costs preventing Canadians from relocating to another city?

Here's our look at Renting in Canada as we get closer to Valentine's Day.

According to Manuela Vega in the Toronto Star, the latest stats from Urbanation show that purpose-built rentals in the GTHA saw the highest vacancy rate since the pandemic.

Rental costs in New Brunswick are increasing more than many residents of that Maritime province can afford, creating a potential housing crisis that may only get worse, writes Jennifer Sweet for CBC News.

How much do newcomer partners arriving in Canada aiming to spend just 30% of their income on rent for a popular two-bedroom apartment have to earn? Angela Serednicki of Zoocasa looks at which cities are affordable enough to hit that 30% target while "staying financially sound."

Aled ab Iorwerth, Deputy Chief Economist for CMHC, tackles the issue of why high housing costs are making it harder for Canadians, including newcomers, to relocate to cities with better job opportunities

According to Simon Little and Alissa Thibault of Global News, with asking rents falling across B.C., a Vancouver woman looking to rent out a room in a shared house says after getting no takers for months, she ultimately asked would-be tenants to name their own price.

Looking for a condo rental can uncover bargains

“Condo owners are very motivated to get tenants in and help pay their mortgage, so they will drop rents quickly in order for the unit to get leased." Is renting a condo the best deal for newcomers right now?

2024 was the slowest year for new condo sales in the Greater Toronto Hamilton Area (GTHA) since 1996, according to REMI Network.

While rent prices in Canada continue to fall and vacancies rise, many Canadian cities remain unaffordable for newcomers and international students. Here are some of the cheapest places to live in Canada

So in short, I don't think there is any reason for the rental housing industry to panic but I do believe that the housing-types that have held up a bit better in the last year will follow suit with their A-class, urban, cousins and probably see 5-10% decreases in asking rents in the next 18-months. - Max Steinman, CEO @ Rentsync

Rent controls definitely benefit tenants, writes Teagan Sliz of Storeys, but do they also deter much-needed rental construction and make investing unaffordable for landlords?

Newcomers arriving in Canada must keep updated with rental housing and homebuying trends to pick the correct city to settle in in the long term. Next Stop Canada offers some valuable advice.

Understanding rental trends in Canada is important for newcomers

Airbnb hosts in Montreal say the city’s new regulations feel like punishment and won't solve the city's rental housing crisis, writes Laurence Brisson Dubreuil of CTV News. Many cities across Canada have cracked down on short-term rentals, which are essential for newcomers arriving in Canada.

Finally, don't let Black History Month get lost in the February tariff war news. It's an integral part of Canada's past and present.

*Rent prices were accurate when this article was published but may change over time.

Steve Tustin is the Content Editor for Rentals for Newcomers and a contributing editor for Prepare for Canada. He is also the former managing editor of Storeys.com and a former senior editor at the Globe and Mail and the Toronto Star.

Rentals for Newcomers is powered by Rentsync, a North American market leader for property technology within the multifamily apartment industry. This gives Rentals for Newcomers access to the latest rental technology, tools, insights, and trends.