"People Are Just Getting Poorer" Peterborough's Housing Crisis Worse Than a Year Ago Says United Way
/The United Way Peterborough & District’s 18th Edition of Housing is Fundamental report says that the city’s housing crisis has become worse than a year ago according to author Paul Armstrong.
The announcement was made at United Way Peterborough & District as part of their annual report written by Armstrong that started 18 years ago.
It provides an overview of Peterborough's local rental market while also highlighting the impacts of the commodification of housing and income inequality.
“People are just getting poorer. That's all there is to it,” said Armstrong. “When your rent keeps going up and up and up, you're not in a position of having the same disposable income and without that disposable income, you're going to have to back away from something else in the marketplace. “
Armstrong’s key findings include:
Peterborough's vacancy rate is the lowest in Ontario for the second year in a row at 1.1 per cent
Newly vacant apartment rents were 19 per cent higher than the rent of occupied units
Recovery in employment and renewed student inflows supported rental demand
70 units were added to the market, which is the largest increase in the last 15 years