Sky high buying costs have you looking for a Toronto rental? Canada Mortgage and Housing Corporation (CMHC) released their latest survey, and we thought we’d run the numbers. Turns out, despite record high price increases for buyers, rental prices faced relatively conservative increases. In fact, some neighbourhoods even had price declines.
Toronto Average Rent
Definitely not going to surprise anyone that lives in the city, but the average rent is up. Shocker, right? The average rent for a one-bedroom in Toronto is now $1,132 per month, a 2.63% increase from the same time last year. The median rent of all neighbourhoods is a slightly friendlier $1,069. Hopefully you can find a place that works in your budget, even if you are the bottom half of that median price.
Most Expensive Neighbourhoods
The most expensive neighborhood for rentals were all centrally located close to downtown. The Bay Street Corridor came in first, with an average rental setting people back $1,728 per month. The Waterfront Communities, better known as Harbourfront, came in second at $1,697. Not so far behind was Moore Park, the schamncy mid-town neighborhood costs on average $1,458 for a one bedroom. Two of these neighborhoods saw rate increases below 2% over the past year, with Waterfront Communities being the exception.
Biggest Price Increases
Some neighborhoods became insanely desirable over the past year, and thus saw big price increases. Topping the list is Dufferin Grove/Little Portugal, where rents climbed a whopping 33.94% to $1,322 per month. Wynchwood was a distant second, with a 14.56% increase to $1,298. Rounding out the top 3 was Alderwood, where rents increased on average 13.10% to $1,036 per month.
The neighbourhoods with the lowest average rents were all in the west end of the city. New Toronto, around the west-end beaches, had an average rent of $886 for a one bedroom. Rexdale-Kipling, in the north-west part of the city, had an average rent of $886. Both neighbourhoods aren’t very transit friendly, but you can’t beat the rent.
Biggest Price Decreases
Interesting enough, there were a few neighbourhoods where the average rent went down. Little Italy/Trinity-Bellwoods had the greatest decrease, with the average price dropping 8.25% to $956 per month. High Park-Swansea was pricier at $1,130, but that’s a 6.07% decline from last year. South Parkdale came in third for declining rents, with the average 1 bedroom dropping 4.92% to $986. It’s unclear still if an ironic moustache is a requirement of moving into the latter.
Considering real estate prices had such a meteoric rise in 2016, the rental hikes aren’t terrible. At an average increase of 2.63%, it’s just a touch over the rate of inflation. Now if only those pesky wages would increase at that rate, this wouldn’t be such a problem.
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Note, certain neighborhoods have information suppressed to meet confidentiality requirements.