By Ketki Saxena
Investing,com – A report earlier today from the Canadian Real Estate Association shows that home prices in the country dropped 1.1% in February month over month to $704,300, and remain 15.8% lower year-over-year.
While Canadian home prices have slid last year as the Bank of Canada raised interest rates from 0.25% to their current level of 4.5%, housing emain more unaffordable than ever driven by rising mortgage costs.
Meanwhile, rents have also soared as prospective homebuyers continue to be priced out of housing markets, which has added pressure to rental markets.
A report from Rentals.ca shows that average national rent hit $1,984 in February, an almost 10% increase from the same time last year.
Average rent in Toronto stands at $2,838, while the average price for a home in the greater Toronto Area stands at $1,095,637.
In Vancouver, average rent stands at $3,120, while home prices have hit $1,219,919.
The two metropolises have the highest average rent and home prices in the country, whereas other cities like Montreal and Calgary offer far more affordable housing alternatives.
The average rent in Montreal is $1,848, compared to a $562,874 price tag on the average Montreal property.
The average rent in Calgary meanwhile stands at $1,862, while a property in the city costs, on average, $521,896