The Real Deal New York

Think its hard to rent in NYC? Don’t move to Toronto

Average one-bedroom rentals have reached $2,200, as the city experiences its lowest vacancy rates in 16 years
November 11, 2018 01:00PM

(Credit: iStock)

If you thought it possible to abandon your renting woes in New York by heading north of the U.S. border, think again.

Toronto is currently experiencing its lowest housing vacancy rate since 2002, with just 2 percent of available inventory, according to a Vice. Citing a report from Urbanation, the outlet reported that the average rental prices for a condominium has reached a record high of $2,385, an increase of 7.6 percent year-on-year during the 2018 third quarter. For one-bedroom units, average rents have jumped to $2,200.

In a July report, Toronto Real Estate Board president Garry Bhaura reportedly said: “Current market conditions point to the fact that renters have little choice when it comes to finding a place to live.”

The results are fierce bidding wars, viewings with about 50 people and offering up personal details and lifestyle promises in the hopes of winning over landlords. One couple said an agent even “suggested we photoshop [my boyfriend’s] credit score.”

New regulations introduced at the start of the year were supposed to soften housing prices across the Canadian city. The measures put a damper on prices for single-family detached homes, but ushered would-be homebuyers into the condo market — and attracting investors to become apartment landlords. As of April, condo sale prices were reported to have jumped 20 percent since February 2017. [Vice] — David Jeans