Rent prices dropped in most GTA regions in May: report
Most GTA regions experienced a rent decline in May, according to a recent report by the rental listing website, liv.rent.
From April to May, North York saw the biggest rent decrease or unfurnished listings by 7.99%, with Etobicoke following at 7.59%, Markham at 7.35% and downtown Toronto at 6.96%.
Brampton was the only region to see a rent increase, as it tipped up by 3.4%.
In Toronto, the highest rent average for an unfurnished one bedroom apartment is $1,784 down from April’s $1,873 while the average rent in Toronto of a furnished apartment also decreased to $1,850 from April’s $1,947.
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According to the report, Brampton had the lowest average rent in the GTA for an unfurnished, one bedroom unit at $1,654, which is up from April’s $1,600.
While the highest average one bedroom rent in the GTA, for a similar home in May, was in Downtown Toronto at $2,056 — down from April’s $2,210.
The GTA regions from the most to least expensive for unfurnished one-bedrooms are:
- Downtown Toronto: $2,056
- North York: $1,797
- Etobicoke: $1,778
- Markham: $1,691
- Mississauga: $1,831
- Brampton: $1,654
- Vaughan/ Richmond Hill: $1,758
The GTA regions from the most to least expansive for furnished one-bedrooms are:
- Downtown Toronto: $2,193
- North York: $2,017
- Markham: $1, 925
- Mississauga: $1,864
- Etobicoke: $1,859
- Vaughan/ Richmond Hill: $1,708
- Brampton: $1,533
Toronto continues to have the highest cost of living in Canada with an average of $1,784 per month.
And, Vancouver follows with an average of $1,678 per month, then Ottawa at $1,475 and Montreal at $1,377.
Due to the COVID-19 pandemic, the housing market is in an unpredictable period. But, the lower rent costs, can open up the market to more interested individuals who found prices to be too expensive before the pandemic.