Pandemic drives down rent, boosts incentives in Toronto and Vancouver undefined
It seems like a renter's market in Toronto and Vancouver for the first time in years, but the B.C. Non-Profit Housing Association warns that doesn't mean housing is becoming more affordable.
And in Toronto, home broker and landlord Davelle Morrison said short-term rentals, such as Airbnb units, are entering the long-term mix as the pandemic continues to restrict and deter travel. The costs to rent a two-bedroom unit were also down, according to PadMapper's latest rent report that used around 10,200 listings in Toronto and 1,400 in Vancouver to estimate the median prices.
The owners of purpose-built rental buildings are more likely to offer incentives that effectively reduce the tenant's costs without cutting into the monthly price, said Ferreira.
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