GTA Rent Prices Went Down In Some Areas Again & Homes Are Getting Cheaper Too
It'll still cost you an arm, but you'll keep your leg.
Toronto apartments
December marks the second consecutive month that Toronto rent prices have dropped, and renters aren't the only ones in the city in for good news ahead of the holidays.
Those looking to buy a home will also see a slight decrease in the city's market this month as real estate trends continue to point downwards.
Rent prices in Toronto
A new rent report by Liv Real Estate revealed that in December 2022, the average rent for an unfurnished one-bedroom apartment in the Greater Toronto Area (GTA) had decreased by $12. A shift too small to relieve those struggling to afford the city's high cost of living but an improvement over the seven-month streak of rental rate increases the area had previously seen.
Although the GTA as a whole saw its rent price decrease, it's worth noting that certain regions did see things get pricier.
Mississauga had the biggest increase at 4.57%, while prices in downtown Toronto increased by 3.34%. Markham decreased by 4.65% and Brampton by 3.07%. They were the only two cities to see a drop in prices.
At the moment, Brampton remains the most affordable place to rent this month, offering an average price of $1,622 for an unfurnished one-bedroom unit. Downtown Toronto is the most expensive, with the same type of unit going for $2,514 — a difference of nearly $900.
Buying a home in Toronto
The average price of a home in Toronto also dropped by $10,000 last month because of a higher cost of borrowing. According to the Toronto Region Real Estate Board (TRREB), the average price for all types of homes was $1,079,395 in November, down from $1,089,428 in October.
The biggest decreases were in the most expensive types of dwellings, such as detached homes (11.3%) and semi-detached homes (13.9%). Overall, prices are down 5.5% compared to November of last year.
But, according to a recent report from Generation Squeeze, Ontario's average home prices would need to drop by a whopping $530,000 — over 60% of their 2021 value — to be affordable for millennials to get a mortgage.
This article's cover image was used for illustrative purposes only.
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