Rent just keeps on rising except in these parts of Toronto
In what should not come as much of a surprise given the trajectory that the Toronto-area rental market is back on, rent prices are continuing to make healthy increases despite COVID-19 case surges and new restrictions, especially when compared to this time last year.
According to the latest Toronto GTA Rent Report from Bullpen Research & Consulting and TorontoRentals.com, Omicron fears have not driven (or kept) people out of the city in the same way other waves of the pandemic did, with rents hitting $2,167, on average, for all unit types and sizes across the GTA in November.
This marks a slight jump of 4.3 per cent from November of 2020, which is notable given that this is only the second month in a row that the firms have noted an annual jump, and also that last November, rents were down 15.6 year-over-year.
The biggest spikes were in larger units with three or four bedrooms, with the report noting that "as many locals continue to work remotely at least part of the time, larger units have the larger imbalance between supply and demand, leading to higher rent growth."
Also, predictably, the biggest price gains were in downtown Toronto proper — up 10.7 per cent annually, to $2,288, the most expensive of all GTA areas surveyed.
Some municipalities saw smaller jumps, such as Burlington (up 7.7 per cent since last November to $2,062, on average, for all unit types and sizes), Richmond Hill (up 4.5 per cent to $2,210 on average) and Oakville (up 4.1 per cent to $2,179).
But, there were some areas, including four in the City of Toronto, that actually saw prices go down.
Based on the report's numbers, North York saw prices fall 11.1 per cent year-over-year — a more substantial dip than the price surge seen downtown — to hit $1,926, on average, while Scarborough rents dropped 2.6 per cent from November 2020 to hit $1,811, on average, last month.
Vaughan, York and Brampton also saw prices go down at least 2.6 per cent year-over-year, while East York and Etobicoke (where rents currently sit at an average of $1,861 and $2,028, respectively) decreased marginally, between 0.1 and 0.4 per cent.
Looking to the future, Bullpen and TorontoRentals anticipate more price growth across the GTA, with prices going up four to seven per cent for 905 area codes and another 10 per cent for the 416 in the coming year.
As it stands now, a smaller unit in a purpose-built rental apartment is the cheapest bet (obviously), with Oshawa, Scarborough, Brampton and East York being the least expensive GTA locales to rent in, in that order.
Join the conversation Load comments