Thank you, Mr. Speaker. Mr. Speaker, if I asked you where you think the highest average rent in Canada is, I assume you would say a major Canadian city like Toronto or Vancouver. Mr. Speaker, you would be wrong. If you were wondering what the answer is, you need look no further than out the windows of this building.
Mr. Speaker, according to a 2016 report from the Canada Mortgage and Housing Commission, the average rent for a two-bedroom unit in Yellowknife is $1,636 per month, while in Vancouver a similar unit costs $1,450 and in Toronto the rent would be $1,327. That means Yellowknifers on average pay $200 more per rent than tenants in the two largest cities in Canada.
To be fair, Mr. Speaker, there has been a 2.2 per cent drop in the rent from 2015, but that is due to roughly 206 people who have left the territory, prompting local landlords to offer rent reductions in order to fill that vacancy rate. This trend can also be attributed to new purchases and the construction of condos, but also because some people have just given up on renting. Mr. Speaker, there is a large community of young Northerners who are becoming permanent house-sitters or even moving back in with their parents, effectively putting aspects of their social mobility on hold.
Being that there is no CMHC data on other similar communities' rental prices, we would likely see higher rental prices in communities such as Inuvik, Hay River, and Fort Smith.
Mr. Speaker, in our mandate document, we are committed to addressing the high cost of living. Although not explicitly mentioned, easing the burden from renters is something we need to focus on. Renting is usually the first step before buying your first home as an important aspect of the middle class experience. That element is being taken away from young people, Mr. Speaker.
Mr. Speaker, when young people come here, they are looking for opportunity, they are looking for mobility, and they are looking to make a future in the Northwest Territories. If they can't even afford a home while they build that future, we are in trouble. Mr. Speaker, I will have questions for the Minister on what she plans to do with the new rent subsidy program she mentioned yesterday in the House, and we will see exactly where we are taking affordable rent for the future of the Northwest Territories. Thank you, Mr. Speaker.
Masi. Members' statements. Member for Mackenzie Delta.
