Artwalk condos . Rents are rising faster than other neighborhoods? Rent prices in Toronto have risen and fallen, and apartment prices have been rising month by month for more than a year as the market recovers from pandemic lows.
Now, with the province’s economy almost fully open again and the return of international travel and migration, as we have known in the past, short-term leases, long-term leases and the real estate world are generally picking up.
The latest Toronto GTA rent report from Bullpen Research & Consulting and TorontoRentals.com points out that although average rental prices in Toronto and GTA as a whole have begun to rise slowly again, some communities are still cheaper than others and are still seeing a decline.
In the city itself, neighborhoods like Cabbagetown-South St. James Town, North St. James Town and South Parkdale are currently the cheapest, while Rosedale-Moore Park, Bay Street Corridor and Waterfront Communities-The Island are the most expensive and active sources of housing.
However, when it comes to recent price changes, there has been a huge leap forward in areas such as Corso Italia-Davenport and Dufferin Grove: from the first quarter to the second quarter of 2021, average rents increased by 22.8 per cent and 11.2 per cent, respectively.
While overall affluence and rent trends in some areas are obvious factors in price changes, there are other factors at play, namely, as experts at Bullpen and TorontoRentals have pointed out, the number of options offered by new buildings.
Ben Myers, president of Bullpen, said on the latest data: “in the past decade, communities with low levels of new apartment construction saw the biggest rent increase in Toronto in 2021, and ideal communities with insufficient supply were the first to recover during the epidemic.”
According to the latest data from the two companies, rents in downtown Toronto are still, on average, higher than those in Brandon, Missouri, Manjin, Ajax, East York, Scarborough, York and Yitobi Valley compared with the rest of GTA, but cheaper than Richmond Hill, Vaughn and Pickering.
As workers prepare to return to the office (in all other places that are open), experts expect rental prices to continue to rise, especially in hot areas, where supply remains tight.