Toronto rent is getting even cheaper.
Rental rates for a one-bedroom in the city hit a 4-year low this month, according to PadMapper’s most recent Canadian Rent Report.
Toronto, which currently has the second most expensive average rent in Canada, saw one-bedroom rental prices drop 3.3% over the past month, bringing the average down to $1,770. The last time Toronto’s one-bedroom rental prices were this low was in February 2017 when it was $1,700.
This new average also marks a 23% year-over-year decline in the rental value of Toronto’s one-bedrooms.
Two-bedroom rentals in the city also saw a substantial drop, going down by 5.3% in value. This leaves the average price on these units at $2,340.
For the third month in a row, Vancouver has surpassed Toronto in rent prices. The rent gap between the two cities has also grown slightly, with a $170 difference on the average one-bedroom rental.
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“It seems the continuous rent price declines from renter migration out of Canada’s two most expensive rental markets have not stopped, even as COVID-19 vaccines have begun to roll out,” the report reads.
Overall in Canada, 10 cities saw rent declines over the past month, while another 10 experienced increases. Four cities saw no change from last month.
Ontario and British Columbia cities dominated the top of the list, with the exception of Montreal coming in at ninth place with an average one-bedroom rental cost of $1,380.
If you’ve been considering looking for a new apartment to rent in Toronto, now’s a great time to lock in a lower price.
However, if you’re looking for a city with the cheapest rent possible in Canada, we suggest relocating to St John’s, Newfoundland, where a one-bedroom will only cost you about $850.