Toronto's rental market is experiencing a decline in prices, particularly for one-bedroom units, moving behind Vancouver and Burnaby on the list of Canada's most expensive rental markets.
Although Toronto is renowned for its high cost of living, rivaling Vancouver 's for the title of most expensive major city in Canada , recent trends suggest a shift in the rental market. Data reveals that Toronto is experiencing a decline in rental prices, particularly for one-bedroom units. This downward trend positions Toronto behind both Vancouver and Burnaby , B.C., on the top ten list of most expensive one-bedroom rentals.
The median rent for a one-bedroom apartment in Toronto now stands at $2,300, compared to $2,400 in Burnaby and $2,550 in Vancouver. This represents a 1.6 percent decrease from last month's average and a significant 6.1 percent drop compared to one-bedroom prices at the same time last year. This decline marks the second-largest year-over-year rent decrease among all locations on the list. The Canadian rental market as a whole has also witnessed a reduction in rental costs. The average rent for a one-bedroom apartment across Canada fell by 0.4 percent month-over-month and 1.5 percent year-over-year, reaching an average of $1,856 per month. Two-bedroom prices followed suit, declining by 0.7 percent month-over-month and 1.7 percent year-over-year, settling at $2,297 per month. Zumper attributes this downward pressure on rental markets to several factors, including a surge in rental completions, driven by government incentives that have nearly doubled the number of rental unit starts since 2018. This increased supply has created more options for renters, easing the historically tight market conditions. The inventory boom has been particularly notable in cities like Toronto and Vancouver, where unit completions have outpaced population growth. Additionally, recent immigration policy changes are contributing to the easing of rental demand. Lower immigration targets have already slowed population growth among international students and workers.
RENTAL PRICES TORONTO VANCOUVER Burnaby CANADA HOUSING MARKET IMMIGRATION GOVERNMENT INCENTIVES
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