Toronto is no more time the most-high-priced spot in Ontario to lease an condominium

This is a sentence I in no way considered I’d be typing within my life span: It’s less costly correct now to lease a one-bedroom apartment in Toronto than it is in Barrie, Ontario.

No term of a lie, according to analysts who recently crunched hundreds of thousands of listings to study median lease selling prices throughout Canada’s 24 biggest towns.

“For the very first time at any time, Toronto fell out of the top rated 2 marketplaces to rank as the 4th most expensive city [in the country],” reads the July edition of Zumper’s regular monthly Canadian Lease Report (earlier hosted by Padmapper.)

“Toronto just one-bedroom rent professional the biggest monthly drop in the place, dropping 5 for each cent to $1,710… Meanwhile, Burnaby and Barrie outpaced Toronto by going up to develop into 2nd and 3rd, respectively.”

Vancouver, which prior to the pandemic experienced trailed driving Toronto in next spot for practically two yrs, came in the moment all over again at place range a person in July with a median one particular-bed room lease selling price of $2,000.

Our west-coast rival now boasts the exact same regular hire price tag that it did at the beginning of 2018. Toronto rent costs, on the other hand, are the least expensive they’ve been since February 2017.

toronto rent prices

Only 5 markets across Canada’s greatest 24 towns saw lease rates development downward in July. Toronto was just one of them. Graphic by using Zumper.

Opposite to what some analysts have reported based mostly on slight month-in excess of-thirty day period price tag upticks in particular GTA neighbourhoods, Toronto’s rental sector will not feel anyplace close to recovering from the impacts of COVID-19.

By Zumper’s calculations, rents actually fell yet again amongst June and July of 2021, by five for each cent for 1-bedroom models and 5.2 for each cent for two-bedroom models (which are now coming in at an typical of $2,200 — the third most pricey in Canada next Vancouver and Burnaby.)

Regular rent price ranges in the Metropolis of Toronto are continue to down, year around yr, by about 18.6 for every cent for 1-bedrooms. 

Whilst somewhat fewer steep than the 20 per cent we were being down at the conclusion of 2020, Toronto renters are even now viewing regular asking prices far decrease than what they have been faced with before the pandemic hit: In March of 2020, Padmapper was reporting a median one particular-bed room rental rate of $2,230. 

Charges fell steadily, steeply downhill in Toronto for a total 12 months straight just after that, though they’ve since grown closer to stable in some parts of the city. For now.

Barrie, in the meantime, is exploding up the ranks — in part many thanks to an exodus of men and women from Toronto who left their downtown condos amid the pandemic for more substantial, cheaper apartments in other places.

“Barrie has turned into a single of the most sought-immediately after serious estate markets in the province, appealing to family members who want to plant new roots, and authentic estate buyers who want to gain on the financial commitment excitement emanating from Central Ontario,” described RE/MAX earlier this calendar year.

“Numerous sector observers had foreshadowed for decades that Barrie was heading to encounter skyrocketing activity. Nonetheless, it was not till the COVID-19 pandemic and a improve in authentic estate consumer behaviours that led to the city’s extraordinary success.”

Excellent news for people who personal rental houses in Barrie, I guess — not so a lot for renters who left Toronto contemplating they’d be paying out significantly less for every thirty day period to live an hour north.