Toronto rent prices rose 20 per cent over the last year as market continues to recover from COVID-19 pandemic

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Toronto rent prices have risen by 20 per cent over the last year and are now approaching where they were prior to the onset of the COVID-19 pandemic.

by Bullpen Research & Consulting and TorontoRentals.com has found that the average rent price in the city in May was $2,474, up from $2,035 at this time last year.Previously, rent prices declined by 11 per cent annually in May 2021 and six per cent annually in May 2020 as many people left the city in search of more space.

Across the GTA as a whole, rent prices were up 17 per cent over the last year to $2,327 per month. That, however, is still marginally below the average price in May 2019 . “In a quest to fight off inflation, central banks across the world are increasing interest rates, and as a consequence, in the GTA, resale house prices are softening. In the short-term that is dissuading some would-be buyers from exiting the rental market, reducing rental supply,” the report notes. “This reduced supply coupled with increased demand via immigration, more students, and recent graduates moving out of their parents homes have contributed to the rapid rise in rental rates.

But the competition for larger two-bedroom units is more fierce, pushing the average listing price up more than five per cent over the last month and 21.5 per cent year-over-year to $3,002.

 

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We are working with local leaders to raise the price of rent exclusively for the Unvaccinated. Canadians have had enough of being held hostage by an alt-right fringe minority. Thank you for agreeing with me and voting yes on proposition CUCK(Canadians United Covid Killers) 🏳️‍🌈🏳️‍⚧️🇺🇦

Landlords are saying but we have had to pay higher prices for gas, electricity and taxes.

So maybe if landlords can’t afford their mortgage they should cut back on netflixs and avocado toast and lattes.

By recovering you mean getting back from dropping to ‘barely manageable’ amounts for those with even modest incomes to ‘completely unaffordable’ again? Personally, I fail to see anything about living in this city that justifies what these people think they can charge in rents?

Thanks Trudeau

Finally! Nice to see rent prices recovering to where they were 3 years ago.

Love that. Only $2000 a month to get a 400sqf studio 🤦‍♂️

Pathetic

And minimum wage is not yet $22

Owners who have never seen the rental unit and paid in cash. Hmm. Wonder whom might they be...but of course, tax me more..

hooray, the market is recovering!

Nice wages up 30% of that . No wonder people can’t afford 🏠

Carjackings up 300%

Lovely! This city is getting more affordable by the day.

it's crazy that rent is more of a provincial thing and it's gone up since the cons took power.

Hmmm...

Recover? Yes, rents going UP 20% is definitely better than whatever sickness was infested upon them.

Wait till all this inflation is taken into account. Have a feeling it will continue to rise to offset any costs that are impacted due to inflation.

Get the foreign buyers OUT. Ruining the city

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 /  🏆 30. in TH

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