The number of Toronto and Vancouver residents renting cars over the last year has nearly doubled from 2016 to 2017, according to new data released by Toronto-Dominion Bank.
While that growth has largely been driven by new cars, it’s also reflected in rent hikes, with average rent increases of 2.3 per cent in Toronto and 2.7 per cent nationally.
The trend is similar in Vancouver, with the average increase of 2 per cent across the city and 7 per cent nationwide.
However, Toronto, the national capital of Canada, saw a 4.5 per cent increase in the number of renters, and Vancouver saw a 3.9 per cent rise.
Toronto is home to a large number of young people who are in need of housing.
In a recent study, Statistics Canada said more than 40 per cent of the young adults aged 15 to 24 are renters.
In a recent interview with CBC News, Carleton University economist Robert Gavitt noted that the recent increase in car rentals in Toronto is not an outlier, but a trend.
“Toronto is really one of the biggest rental markets in North America,” Gavit said.
“That’s probably the only Canadian city in the world that has this kind of trend.
The city has to make that choice.” “
This is an example of people in Toronto having to make choices to buy a car and get a home.
The city has to make that choice.”
Gavitt said that, when looking at rental increases across Canada, Toronto’s growth has been driven primarily by new car purchases.
“If you look at the top 10 cities, it would be Toronto and Toronto alone, as far as the rental market goes,” he said.
But what if the trend continues?
“If it continues to go up, it could potentially be a big problem for Toronto,” he added.
A growing city with an aging population has been one of Toronto’s greatest strengths.
In the last decade, Toronto has experienced a significant rise in population and in housing costs, resulting in a housing affordability crisis for residents.
“We’re in a situation where we’re in an economic crisis,” said Gavitte.
“People are finding it hard to save for their retirement.
“Now, with all the new cars that are coming out and all the condos, people are finding they can afford to live in Toronto.” “
If you think about the housing crisis, it was created because people couldn’t afford to buy,” he continued.
“Now, with all the new cars that are coming out and all the condos, people are finding they can afford to live in Toronto.”
But if rental prices continue to rise, it might be hard to keep a new car rental service in the city.
“I don’t think you can just give people a car without paying a deposit.
If you’re renting out a car, you’re essentially not getting a car,” Givitt said.
If Toronto continues to see an increase in rental costs, it is likely that many new car owners will move elsewhere.
“The average cost of renting in Toronto, and even in the suburbs, is higher than in other big cities in Canada,” said Paul Blais, chief economist with CIBC World Markets.
For Toronto, a city that has become synonymous with affordability, there could be some downside to the trend.
Toronto has the highest rental rates in the country.
According to the city’s latest data, the average Toronto rental apartment cost $1,085 per month, with a median price of $1.15 million.
According to the data, a single person in Toronto can afford a condo in the neighbourhood of $890,000.
It’s worth noting that Toronto is one of a few Canadian cities where the average rent for a two-bedroom apartment in the central business district of downtown Toronto is just $1 per square foot, while the median rent for that same unit in the suburb of Toronto is $1 million.
The trend is likely to continue.
What’s more, Gavitzer noted that Toronto has also seen a dramatic rise in car ownership, which means that the trend could only worsen.
“As more and more people get into the car industry, the price of the car could go up,” he explained.
“You have to think of this as a double whammy.”
This article was originally published at 5:23 p.m. on December 14, 2018.
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