Nicole Meredith, a resident of Toronto, received a rude shock at the end of January this year when her rent was hiked from $1,275 per month to $1,700.
But what exactly does $1,700 fetch you in Toronto?
Meredith’s condo is a one-bedroom apartment. The average rental for a property of this size is $1,776 in Toronto. The carpet area isn’t too large either. The living room, bedroom, bathroom and kitchen (or kitchenette) are all tucked into just 600 square feet of space. Everything is cramped, and the only saving grace is that utilities tend to be included in the monthly rental. Sometimes not.
The occupancy rate stands at 99%, which is the highest in seven years. Landlords are inviting prospective tenants to a meeting and asking them to name their best offer.
In Edmonton, the scene is much better. For $1,595, you can rent a three-bedroom apartment that comes with 2.5 bathrooms. And this is in a newly-constructed building. There are only two storeys (which means you have greater privacy), and the apartment comes with a double garage. It is spread over 1,456 square feet and only half-an-hour from downtown Edmonton.
Average price of a home in Toronto – $770,000
With that kind of money, what you get in Canada’s hottest real estate market is a 100-year-old dilapidated building with two storeys.
In contrast, Edmonton offers a 2,659 square-foot home that is just three years old. It is located in a nice neighborhood and has a triple garage. It also features granite countertops in a gourmet kitchen and a gas fireplace indoors. The exteriors are tastefully done up with a nice facade and aesthetically-pleasing windows that are energy-efficient. Asking price? $769,900.
This is not the only offering. There are several detached homes available in Edmonton for this price.
The winner isn’t hard to pick, be it home rental or sale – it is Edmonton. This is the city that has single-handedly held out on its own against falling energy prices in Alberta. Companies are actually moving into Edmonton. New buildings, new towers, are coming up. Jobs are being created. There is a reason why they call it the City of Champions.