Tue. Aug 9th, 2022

It’s no secret that rental rates throughout Toronto have fallen over the past year, mainly due to high vacancies.

A new report from Rentals.ca and Bullpen Research & Consulting breaks down exactly how much rental prices for both condominiums and rental apartments have fallen in each of Toronto’s six municipalities since February 2020.

The City of Toronto experienced the largest decline and fell by 19.7% to an average rental price of $ 2,000 – significantly down from the February 2020 average of $ 2,489.

toronto rent fell

Rentals.ca

Etobicoke, York and North York all experienced similar declines and fell by 15.5%, 15.8% and 14.6% respectively. Scarborough and East York experienced the smallest changes, falling by 7.5% and 6.1%, respectively.

The report split further rent reductions into smaller neighborhoods and found that South Riverdale has seen the biggest drop in rents over the past year, falling as much as 29% to a new average of $ 2,002.

East End-Danforth and Kinsington-Chinatown were tied for second place, both down 24% with average rental rates now at $ 1,831 and $ 2,035, respectively.

toronto rent fell

Rentals.ca

Although prices have fallen significantly compared to where they were last year, Ben Myers, chairman of Bullpen Research & Consulting, says they are slowly starting to rise month by month, which may indicate that rental prices have fallen.

“Overall, the GTA market experienced another decline in February, but the average rent for traditional apartments rose month-on-month, and the rent per square foot rose for apartments in the city center, albeit by only one cent to $ 3.13 per square foot. said Myers.

Spring is typically the time of year with the greatest rental demand, Myers says, so it will be a telling time if renters want to return to downtown.

Compared to the rest of Canada, Toronto municipality has experienced the largest rental price by far. Vancouver, which still has the country’s highest average rent of $ 2,164, saw only a 6% drop from year to year.

Rentals.ca

Some of the country’s lowest rental rates are in Saskatoon and Red Deer, respectively, at only $ 998 and $ 955, so if you’re looking for something significantly cheaper than Toronto, a switch to the prairie may be in order.

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