RENTALS HAVE NOW TOPPED THE LISTINGS ACCORDING TO THE TORONTO REAL ESTATE BOARD

Rental listings in the city have more than doubled as Airbnb drops. The number of condos for rent has driven up the market numbers for units of all kinds and sizes. It’s nirvana for negotiators. Year-over-year rented condos increased by 30% – 14,036 new leases were signed, as opposed to 34,971 new condo rental listings.Rents for one-bedroom units have dropped more than 11% to $2,012 monthly, down from $2,262 in the summer of 2019. Rent prices for bachelors, two-bedroom and three-bedroom condos also fell. – Canadian Press, October 24/2020

PADMAPPER (AN APT. HUNTING WEBSITE) REPORTS TORONTO IS NOW CANADA’S #1 HIGH RENTAL CITY

The top ten Canadian cities for median MONTHLY rentals of 1-bedroom apartments, December/2018 – #1 TORONTO ($2,260); #2 VANCOUVER ($2,100); #3 BURNABY ($1,570); #4 MONTREAL ($1,450); #5 VICTORIA ($1,390); #6 BARRIE ($1,210); #7 KELOWNA ($1,250); #8 OTTAWA ($1,250); #9 OSHAWA ($1,200); #10 HAMILTON ($1,180).

TORONTO continues to reign as the most expensive city in the country with one-bedroom rents growing 1.8% to $2,260 while two bedrooms increased a slight 0.7% to $2,850. Notably, two bedroom rent is up 15.9% since this time last year.

VANCOUVER remained second with one-bedroom rents decreasing 0.5% to $2,100, while two bedrooms dropped 0.3% to $3,150.

HAMILTON, Ontario moved up two spots with one-bedroom rents jumping 5.4% to $1,180, while two bedrooms saw more modest growth, up 2.1% to $1,450.

To search the rental market in both Canada and the United States on PADMAPPER visithttps://www.padmapper.com/

RENTING A PLACE TO LIVE IN TORONTO ISN’T FOR THE FAINT OF HEART – SOME STATISTICS FROM ‘NOW’

$1,803
The average rent for a one-bedroom condo
Less than 1%
The current vacancy rate. A healthy rental market requires a rate of 3 to 5%
47%
TORONTO residents who spend more than 30% of their income on housing
47%
TORONTO households that are renters
120 days
Advance notice a landlord is required to give a tenant for renovations
1.8%
Provincial increase guideline for 2019
40,000
The number of affordable rental units Mayor John Tory promises to build in 12 years