Newmarket is not ranking well among cities as far as being a haven for renters, according to a new report from a real estate analysis website.
Point2 ranked Newmarket 65th in a list of the 99 largest cities in Canada in terms of how good they are for renters. The report posted July 23 was based on 23 different metrics, including rental inventory, share of households spending less than 30 per cent of income on housing costs, quality of life and community.
Newmarket was dragged down by a low economic score, with an average rental price of $1,692 ranking as the 20th highest among cities and a rental inventory of 8.3 per 10,000 persons, contributing to running 74th in only economic metrics. Neighbouring Aurora fared slightly better on the overall ranking at 43 but similarly struggled on the economic side, coming in 93rd on those metrics.
“Being a renter these days is no walk in the park,” the report said. “Finding the right apartment or house for rent in the ideal city, within a walkable neighbourhood and at an affordable price is a formidable challenge.”
Housing affordability has remained a challenge in the York Region, which has continually missed its own targets for affordable housing development. Higher rental costs are also the norm in the region, though that is a trend happening across Canada, with the average rental price in Ontario increasing 27 per cent from 2016 to 2021.
Other area municipalities also ranked low on the risk, with Vaughan at 85th, Richmond Hill at 92nd and Markham at 95th. Those three had the worst rates of rental households spending less than 30 per of their income on rent, with Richmond Hill topping that list at 48.3 per cent.
Aurora had slightly more people spending less on rent at 55.6 per cent on that metric, while Newmarket was 59.9 per cent.
Both Newmarket and Aurora fared better in other metrics, namely community hotspot ones that factor in different amenities per 10,000 persons, as well as those who feel a sense of belonging in the community. On community score, Aurora ranked sixth, while Newmarket ranked 39th among the 99 cities in the report.
“In Canada's top 100 hotspots for renters, a mix of reasonable housing costs, job opportunities and access to recreation activities and entertainment options makes for a great quality of life,” the report said.
The website regularly releases reports analyzing cities in different areas. Both Aurora and Newmarket leaders boasted in May when the website ranked them second and third, respectively, in terms of work-life balance.
As with all levels of government, housing development has become a priority in Newmarket, Aurora and York Region, with some emphasis on rental housing. The region had 46,000 units in various stages according to a recent report, with 16,000 actively under construction. About 1,271 rental units were built in 2023 in the region more than three times the previous highest mark in the decade of 378.
You can find the full report on the Point2 website.
