The real-estate market keeps changing and it seems like it is favouring those who are looking out to rent in the city of Toronto, where prices for one and two bedroom apartments continued dropping for six consecutive months.
The average price for a one-bedroom apartment in the city was $2,013 while a two bedroom unit price was $2,655; representing a 13.8% and 8.9% fall year-over-year.
Despite the drop in the prices, Toronto and surrounding cities like Etobicoke, Burlington, Oakville and Mississauga continue to be the priciest areas nationally; surpassing rent costs in Vancouver during the month of August.
Another significant change at this time has been the amenities preferences for those who are looking to rent in Toronto. In the latest ranking, accessibility to elementary schools is in the first place, pushing TTC access to the second place, followed by proximity to grocery stores.
But, what are the factors pushing down rent prices in Toronto? Everything seems to indicate that this has been caused by the existence of: newly completed condo supply, less inmigration, fewer students looking to live in downtown, lower job growth and the working from home phenomenon that has allowed some tenants to move out to cheaper areas outside the GTA and even the province.
These are great news, so do not hesitate to reach out to us in case you are looking to rent in the city of Toronto. We are here to help!