Rental prices in Canada reached a new high with the average asking price of $2,149 per month, according to a new report compiled by a Canadian rental listings website.
According to Rentals.ca and real estate research firm Urbanation, the Canadian market continued its upward trajectory with data suggesting a monthly increase of 1.5 per cent from August, and an annual surge of 11.1 per cent.
Experiencing double-digit year-over-year growth, the annual rate of rent inflation surged to its highest point in nine months, stated the report.
The report’s metrics are based on new listings, not what existing tenants are paying per month.
In terms of rental types, one-bedroom units recorded the fastest annual growth in asking rents, soaring by 15.5 per cent, reaching an average of $1,905.
Two-bedroom apartments averaged $2,268, marking a 13.1 per cent increase year-over-year, while three-bedroom units were up by 11.4 per cent, averaging $2,514.
Studios, representing the most economical choice, had the lowest year-over-year growth with an increase of 11.3 per cent, averaging $1,511 in rental prices.
Asking rents for purpose-built and condominium apartments averaged a record high of $2,078 in September, increasing 1.6 per cent month-over-month and 13.3 per cent year-over-year.
NOVA SCOTIA AND ALBERTA LEAD RENT GROWTH
Breaking down the data by region, Nova Scotia and Alberta led the provinces in rent growth for both purpose-built and condominium apartments in September, with rates of 15.4 per cent and 15.3 per cent, respectively.
Nova Scotia surpassed Alberta with the average asking rents for apartments by reaching $2,088, while Alberta rose to $1,663.
Quebec had the third fastest annual growth with a rate of 13 per cent, followed closely by British Columbia with 12.3 per cent.
Despite having one of the highest growth rates year-over-year, Quebec’s asking rents remained below the national average with $1,970, while B.C. had the highest average of all provinces at $2,656.
In Ontario, the annual rate growth slowed from 9.9 per cent in August to 6.6 per cent in September. Asking rents in the province also declined by 0.4 per cent month-over-month. Yet, despite this glimpse of financial hope, Ontario still has the second highest rent average by province at $2,486.
The Prairie provinces remained the most financially friendly locations as Saskatchewan and Manitboa both had the slowest annual rent growth in September at 3.8 per cent and 3.1 per cent, respectively.
Saskatchewan’s asking rents averaged $1,115 and $1,431 for Manitoba.
TORONTO RENTAL MARKET SLOWS, VANCOUVER GROWS
While most major markets across Canada witnessed robust rent increases, there was a noticeable slow down in Toronto compared to August. The rent growth in Canada’s most populated city slowed from 8.7 per cent to 2.3 per cent, making it the slowest annual rate increase in two years.
Although month-over-month average rent prices in Toronto did not change significantly, this city still has the second-highest asking rate at $2,902. Right behind Vancouver at an average of $3,339, which is a 7.7 per cent increase year-over-year.
Among Canada’s largest markets, Calgary maintained its annual growth lead as asking rent prices reached an average of $2,091, or a 14.3 per cent increase in September.
Montreal also had a rent increase in the double-digits at 10.2 per cent, raising the average asking rent price to $2,030.
When it comes to the country’s medium and smaller markets, there was also a significant annual rent growth for purpose-built and condominium rental apartments in September.
Richmond, B.C., which is part of Greater Vancouver, had the strongest growth at 28.9 per cent, followed by Cote-Saint-Luc, Que., part of Greater Montreal, at 27.5 per cent and Red Deer, Alta at 21.8 per cent.
In Ontario, Oakville had the fastest annual growth of 19.4 per cent.
Within smaller provinces, Halifax and Regina had one of the highest increases at 15.5 per cent and 13.4 per cent, respectively.
In terms of prices, four of the five most expensive mid-sized markets in Canada are located in Greater Vancouver, according to the report’s data. North Vancouver average asking rent is $3,481, followed by Burnaby at $3,062, Coquitlam at $2,976 and Richmond at $2,940.
Outside of Toronto, Ontario’s most expensive markets include Oakville, averaging $2,960, Brampton ($2,704), Vaughan ($2,697), Mississauga ($2,687), Etobicoke ($2,634), and North York ($2,629).
ROOMMATE RENTALS CONTINUE TO SURGE
According to the rental report, roommate rentals have become more popular. Over the last three months, there was a 27 per cent increase compared to last year.
This trend has been particularly pronounced in B.C. and within Ontario, as shared accommodation listings increased by 40 and 78 per cent, respectively.
Average asking rents for shared accommodations rose by 18 per cent year-over-year in September, reaching $944 per month. Vancouver had the highest average asking rent at $1,590, while Toronto had $1,308.
BLOOMFIELD HILLS, Mich. (AP) — Lions coach Dan Campbell is selling his suburban Detroit home to get more privacy.
“There’s plenty of space, it’s on two acres, the home is beautiful,” Campbell told Crain’s Detroit Business. “It’s just that people figured out where we lived when we lost.”
He didn’t elaborate.
Campbell and wife Holly listed the 7,800-square-foot house in Bloomfield Hills for $4.5 million this week. A deal was pending within 24 hours, Crain’s reported.
Campbell was hired by the Lions in 2021. After a 3-13-1 record that season, the team has become one of the best in the NFL, reaching the NFC championship game last January.
Campbell’s home was built in 2013 for Igor Larionov, a Hockey Hall of Fame member who played for the Detroit Red Wings.
The likely buyers are “huge” Lions fans, said Ashley Crain, who is representing Campbell and the buyers in the sale.
Ariella Kimmel and Mandi Johnson were grabbing a bite to eat in Vienna, when their August trip to the Austrian capital was upended.
The Canadian duo had travelled to the city to see Taylor Swift in concert only to learn her shows would be cancelled because of two men plotting to launch an attack on fans outside the venue, Ernst Happel Stadium.
While Kimmel and Johnson were disappointed they weren’t going to be able to see Swift perform, they made the most of the remainder of their trip. However, the experience serves as a buyer’s beware for Canadians considering jet setting to see their favourite artists or teams.
“If you’re travelling to these concerts, it’s really hard to protect yourself,” said Kimmel, a Toronto-based vice-president at a public affairs firm who had previously travelled with Johnson to see Swift in Las Vegas, Nashville and Stockholm.
Such trips can make lifelong memories when they go off without a hitch, but cancellations and rescheduled events are common because of artist illnesses, poor ticket sales, security threats, unruly weather and natural disasters.
In the last year alone, Jennifer Lopez and the Black Keys scuttled touring plans after tickets had been sold, while Bruce Springsteen, Usher and Pink had to tell fans they couldn’t take the stage mere hoursbefore show time.
Between airfares, hotels, travel expenses and tickets, last-minute cancellations can leave globe-trotting eventgoers out hundreds, if not thousands, of dollars.
“Regrettably, unpredictability has always been a reality of the industry but it’s increasingly common that there might be things that are going to interrupt your plans, especially plans that you’re really excited about,” said Jenny Kost, the Calgary-based global director of strategic sales initiatives at Corporate Traveller Canada.
“It’s a tricky one because the airline or hotel understands the reason behind your travel but its likelihood of happening or not happening is a little bit outside of their purview.”
Because Swift is known to power through shows even when sick, Kimmel never imagined a concert she was headed to would ever be cancelled, but she always booked plane tickets and hotels that could be rescheduled or refunded — a move she recommends to others travelling for events.
“It’s like common sense, you never know what’s going to happen,” Kimmel said.
However, making use of the rescheduling and refund options her hotel booking and airline tickets had weren’t an option for Kimmel this time because she had already been in Austria for a few days and had very little of her stay left when Swift cancelled.
Had the show been nixed before Kimmel left home, the flexibility baked into the bookings would have been useful, though Kost said such arrangements aren’t cheap.
“There is a cost associated with that that’s not insignificant,” she warned, estimating these kinds of bookings can add hundreds of dollars to your bill and have lots of quirks in the fine print.
The better bet is travel insurance, Kost said. It’s often cheaper than flexible fares and hotel bookings and can reimburse customers for accommodations and flights they have to drop or swap when an event gets cancel or an emergency strikes.
Kost opted for such insurance when she journeyed to Paris to see Swift over the summer and bought it again in a cab on her way to Mexico for a wedding. The insurance cost her about $150 for a week, but when she had to extend her stay because she fell ill, it covered the cost of all of her accommodations.
She doesn’t encourage people to wait until the last minute to buy the insurance like she did because buying it early can provide some reprieve when an event you’re travelling to is cancelled well in advance.
Travel costs aside, people heading out-of-town for events that wind up cancelled also have to consider whether they will get the money they spent on entry fees and tickets back.
In Kimmel and Johnson’s case, they paid Ticketmaster about $300 per seat. They learned just after the cancellation that they would be refunded — but not for an $85 transaction fee they were charged when purchasing the tickets.
“We paid $85 to not see her but I guess that in the grand scheme of what we were going to pay, it’s not a lot at all,” Kimmel said.
They did not opt to buy insurance on their tickets, which Ticketmaster offers through Allianz Global Assistance for $8, plus tax. Allianz’s vice-president of marketing and insights Dan Keon said the insurance offers coverage up to $1,000 per ticket.
In addition to offering refunds if an event is cancelled by a venue or promoter, the coverage can provide a reimbursement for a variety of situations. Those include if you are facing a serious medical issue or death, have a family member in life-threatening condition, are summoned by the military or are delayed in arriving at the venue because of a common transportation carrier.
If you’re going to opt into the insurance, Keon said review the terms ahead of time, so you understand exactly what scenarios you will be covered in.
The insurance, for example, can’t be used in the event of a pandemic, war or natural disaster.
This report by The Canadian Press was first published Sept. 19, 2024.
Losing a loved one is never easy, and the legal steps that follow can add even more stress to an already difficult time.
For years, families in Vancouver (and Canada in general) have struggled with a complex probate process—filled with paperwork and legal challenges.
Thankfully, recent changes to Canada’s probate laws aim to make this process simpler and easier to navigate.
Let’s unearth how these updates can simplify the process for you and your family.
What is probate?
Probate might sound complicated, but it’s simply the legal process of settling someone’s estate after death.
Here’s how it works.
Validating the will. The court checks if the will is legal and valid.
Appointing an executor. If named in the will, the executor manages the estate. If not, the court appoints someone.
Settling debts and taxes. The executor (and you) pays debts and taxes before anything can be given.
Distributing the estate. Once everything is settled, the executor distributes the remaining assets according to the will or legal rules.
Probate ensures everything is done by the book, giving you peace of mind during a difficult time.
Recent Changes in Canadian Probate Laws
Several updates to probate law in the country are making the process smoother for you and your family.
Here’s a closer look at the fundamental changes that are making a real difference.
1) Virtual witnessing of wills
Now permanent in many provinces, including British Columbia, wills can be signed and witnessed remotely through video calls.
Such a change makes estate planning more accessible, especially for those in remote areas or with limited mobility.
2) Simplified process for small estates
Smaller estates, like those under 25,000 CAD in BC, now have a faster, simplified probate process.
Fewer forms and legal steps mean less hassle for families handling modest estates.
3) Substantial compliance for wills
Courts can now approve wills with minor errors if they reflect the person’s true intentions.
This update prevents unnecessary legal challenges and ensures the deceased’s wishes are respected.
These changes help make probate less stressful and more efficient for you and other families across Canada.
The Probate Process and You: The Role of a Probate Lawyer
(Image: Freepik.com)
Working with a probate lawyer in Vancouver can significantly simplify the probate process, especially given the city’s complex legal landscape.
Here’s how they can help.
Navigating the legal process
Probate lawyers ensure all legal steps are followed, preventing costly mistakes and ensuring the estate is managed properly.
Handling paperwork and deadlines
They manage all the paperwork and court deadlines, taking the burden off of you during this difficult time.
Resolving disputes
If conflicts arise, probate lawyers resolve them, avoiding legal battles.
Providing you peace of mind
With a probate lawyer’s expertise, you can trust that the estate is being handled efficiently and according to the law.
With a skilled probate lawyer, you can ensure the entire process is smooth and stress-free.
Why These Changes Matter
The updates to probate law make a big difference for Canadian families. Here’s why.
Less stress for you. Simplified processes mean you can focus on grieving, not paperwork.
Faster estate settlements. Estates are settled more quickly, so beneficiaries don’t face long delays.
Fewer disputes. Courts can now honor will with minor errors, reducing family conflicts.
Accessible for everyone. Virtual witnessing and easier rules for small estates make probate more accessible for everyone, no matter where you live.
With these changes, probate becomes smoother and more manageable for you and your family.
How to Prepare for the Probate Process
Even with the recent changes, being prepared makes probate smoother. Here are a few steps to help you prepare.
Create a will. Ensure a valid will is in place to avoid complications.
Choose an executor. Pick someone responsible for managing the estate and discuss their role with them.
Organize documents. Keep key financial and legal documents in one place for easy access.
Talk to your family. Have open conversations with your family to prevent future misunderstandings.
Get legal advice. Consult with a probate lawyer to ensure everything is legally sound and up-to-date.
These simple steps make the probate process easier for everyone involved.
Wrapping Up: Making Probate Easier in Vancouver
Recent updates in probate law are simplifying the process for families, from virtual witnessing to easier estate rules. These reforms are designed to ease the burden, helping you focus on what matters—grieving and respecting your dead loved ones’ final wishes.
Despite these changes, it’s best to consult a probate lawyer to ensure you can manage everything properly. Remember, they’re here to help you during this difficult time.
