A temporary assignment in another city could mean being stuck in a hotel for weeks or months.
Or it could mean an apartment with more amenities, as the corporate housing industry now forms a $170-million piece of the real-estate sector, says a report commissioned by Royal LePage Relocation Services.
Corporate housing provides employees on short-term work assignments with fully equipped, fully furnished suites and apartments.
The report revealed that Canada’s eight largest urban centres have a combined total of almost 7,000 one- and two-bedroom units available for short-term accommodation.
Toronto accounts for 26 per cent of the country’s corporate housing market, with a combined total of 1,900 one-bedroom and two-bedroom units available.
Calgary is the third most expensive city in which to rent short-term accommodations, tied with Edmonton. For both a one-bedroom and a two-bedroom unit, the average monthly rent is $2,800.
The corporate housing market in Calgary is propelled by the oil and gas industry.
Toronto is the most expensive city for a short-term stay, with average monthly price for a one-bedroom unit at $3,200, followed by Vancouver at $2,900 a month.
