The COVID-19 pandemic significantly affected Toronto’s rental market since it arrived last March, resulting in rent prices not seen in several years — and the latest data shown this month is no exception.
A recent report from Padmapper demonstrates that the median one-bedroom rent in Toronto presently sits at just $1,750, proceeding with the declining pattern that has stirred up the city’s rental market following years of uncontrollable growth.
The last time Toronto saw rental costs this low was in February of 2017, as per the report, when it was at $1,700.
This new median addresses a 1.1 percent decline from one-room leases a month ago, which remained at $1,770, and an astounding 21.5 percent decrease from costs as of now a year ago.
However, while one-bedroom rent prices proceeded with the descending pattern in March, rents for two-bedroom units actually went up slightly from a month ago.
The report uncovers that the median two-bedroom rent went up by 0.4 percent from a month ago, up to $2,350 from $2,340 in February 2021.
All things considered, this cost addresses a 18.1 percent decline from a similar time a year ago.
Vancouver surpassed Toronto as the most expensive rental market in the country back in December, and that stays valid — with one-bedroom costs sitting at $1,900 and two-bedrooms costing $2,630, as per Padmapper.
Be that as it may, Toronto is a close second, as the two cities keep on hitting record-low rents while the remainder of the country stabilizes.
If you are looking to refinance or purchase a home over the next few months, contact us today at 877-296-2696 or email us at info@homemortgageadvice.ca.