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Myanmar Earthquake: Death Toll Climbs to 3,145 Amid Ongoing Rescue Efforts

The devastating earthquake that struck Myanmar nearly a week ago has claimed at least 3,145 lives, with search and rescue teams continuing to recover bodies from the rubble. The 7.7 magnitude quake, which had its epicenter near Mandalay, Myanmar's second-largest city, caused widespread destruction, including collapsed buildings, damaged roads, and destroyed bridges.  Humanitarian aid groups are working tirelessly to provide survivors with medical care and shelter, as thousands remain homeless and vulnerable to disease outbreaks. The United Nations estimates that over 17 million people have been affected by the disaster, with more than 9 million severely impacted.  In response to the crisis, Myanmar's military government has declared a temporary ceasefire to facilitate relief efforts. However, ongoing challenges, including communication blackouts and difficult-to-reach areas, have hindered the full assessment of the disaster's impact.  The coming days will be critical in d...
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Rent Reaches New Heights: Average Asking Price Hits $2,196 in January

 

In the ever-evolving landscape of Canada’s rental market, a new milestone has been reached. As we stepped into 2024, the average asking price for rent soared to $2,196 per month, marking a 10% increase from the same time last year. This surge comes amidst a deepening rental crisis that has left many Canadians grappling with housing affordability.

The data, released by Rentals.ca and market research firm Urbanation, paints a vivid picture of the challenges faced by renters. Just two months before the COVID-19 pandemic lockdowns began in January 2020, the average asking price stood at a more modest level. Since then, it has skyrocketed by 20% or $373 per month. The supply-demand imbalance has played a pivotal role, pushing rent prices to unprecedented heights.

While the national trend points upward, regional nuances emerge. Here’s a glimpse of how different cities fared:

  1. Vancouver: Despite being the most expensive city for renters, Vancouver witnessed a 3% decline in rent prices compared to last year.
  2. Edmonton: The fastest-growing rental market, Edmonton saw a staggering 17.1% increase, with an average price of $1,479 for purpose-built and condo rentals.
  3. Calgary: Not far behind, Calgary experienced a 12.8% surge, bringing the average rent to $2,047.
  4. Toronto: The bustling metropolis maintained its position, with an average asking price of $2,511 for one-bedroom units.
  5. Saskatoon: The most affordable city for one-bedroom rentals, Saskatoon’s average asking price stood at $1,192.

The cost of a one-bedroom rental continued its upward trajectory, growing by 12.6% annually in January. Vancouver led the pack with an average asking price of $2,683, followed closely by Burnaby, B.C., at $2,551, and Toronto at $2,511.

For those sharing living spaces with roommates, the average asking rent across Alberta, B.C., Ontario, and Quebec surged by 18.5% annually to $1,010 in January. The rental market remains under pressure, exacerbated by increasing inflation and a growing population.

The Canada Mortgage and Housing Corp. (CMHC) reported a vacancy rate of 1.5% for purpose-built rental apartments during the first two weeks of October 2023, the lowest in over two decades. As the housing landscape continues to evolve, renters face an uphill battle in finding affordable homes.


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