Century-old Toronto rental market ad shows just how much things have changed
Canadian television host and professional contractor Mike Holmes recently shared a photo of a nearly 100-year-old newspaper ad detailing several Toronto properties up for rent, and the prices will shock you.
Known for his no-nonsense approach to home renovations, the "Make it Right" TV personality has built a thriving career off home inspections and remodelling disaster projects.
In a photo posted to X, Holmes showed a newspaper from June 11, 1925, that was found on a job site in Toronto by his builder partner, SalDan Construction, during a demolition.
The acclaimed contractor pointed out how 95 years ago, a 13-room, two-bathroom house near Avenue Road and Dupont Street with most utilities and hardwood floors was up for rent for $175 a month.
“95 Years Ago, a 13 room, 2 bathroom house with hot water heating, gas, electric, laundry tubs, and hardwood floors cost a WHOPPING $175!!!!
— Mike Holmes (@Make_It_Right) November 20, 2023
How times have changed.
-Found on a job site in Toronto, Ontario 🧐” My builder partner SalDan Construction found this during a demo. pic.twitter.com/oo6wc5JuLe
"How times have changed," Holmes wrote.
Of course, one needs to account for inflation, and in this case, $175 in 1925 would be equivalent to roughly $3,053 today, according to an inflation calculator.
While $3,000 could definitely not get you a lavish 13-room house in Toronto's current rental market, it could just barely get you an average-priced two-bedroom apartment.
According to rental.ca's November 2023 report, the average rent for a one-bedroom apartment in Toronto is $2,607, and a two-bedroom apartment will run you around $3,424 in most cases.
Another property on the antique newspaper, located on Lonsdale Road in the Yonge-St. Clair area, lists a nine-room, one-bathroom home for $100 a month — equivalent to roughly $1,744 today.
To put things into perspective, most listings at around this mark today are still shared accommodations at condo apartments, much less a massive home in a central location with multiple rooms.
One thirteen-room home on Rusholme Road, located near Dovercourt Road and College Street, was even listed for $85 a month, which comes out to about $1,483 in 2023.
While there are many other factors to consider here — including technological advancements and upgraded utilities — the newspaper ad serves as a sobering reminder of just how unaffordable Toronto's rental market has become.
