Average 1-Bedroom Rent in Toronto Has Dropped Over $250 Since January

family-friendly
@arjsun/Instagram

While things are finally starting to return to normal, with most of Ontario preparing to enter into Stage 3 of reopening the province’s economy on Friday, a new national rent report has revealed that the COVID-19 pandemic still continues to put downward pressure on the rental market nationally.

In fact, the average monthly rent for all Canadian properties listed on Rentals.ca was $1,770 in June, down for the third month in a row – this time by 2.4% monthly and 9.4% annually, according to the latest National Rent Report from Rentals.ca and Bullpen Research & Consulting.

What’s more, the national median rental rate was $1,700 per month in June, down $50 from May 2020 and $125 from June 2019 (-6.8%).

READ: This User-Generated Site Tracks Renovictions and Rent Hikes in Toronto

According to the report, year-over-year, average monthly rents for one and two-bedroom units are down in Toronto, Vancouver, Calgary, Edmonton, Winnipeg, Saskatoon and Regina, while they are up annually in Montreal, Ottawa, Halifax, London, Kitchener, and Victoria.

On a local level, Toronto had the highest average monthly rent in June for a one-bedroom home at $2,063 and for a two-bedroom at $2,684. However, despite this, Toronto rents for a one-bedroom are still declining and have dropped gradually for the past four months in a row. In January, 2020, average 1-bedroom rentals hit a high-mark of $2,315, according to Rentals.ca’ February report.

But it’s not just Toronto that continues to hold high rents, as ten areas of the GTA finished in the top 12 for the most expensive rent for a one-bedroom home in Canada, with Oakville trailing in second for the most expensive rent, with a one-bedroom now averaging at $2,002 a month.

If you’re looking for the cheapest rent out there, you may want to head to Alberta, where Red Deer brought up the bottom of the list with average monthly rent for a one-bedroom at just $870 and a two-bedroom at $963.

“Tenant demand has returned to the market as lockdown restrictions end, and employers bring back furloughed employees and rehire staff,” said Matt Danison, CEO of Rentals.ca “But lost income due to COVID-19 and fear of a second wave are resulting in conservative housing choices.”

You can read the full report here.

More from Ainsley Smith

Toronto Tenants Form Human Blockade to Stop Enforcement of Evictions

To prevent the evictions that were scheduled to resume today.
Read More