2021 might be the perfect year to start looking for a new condo, because some real estate experts are saying the cost of renting in Toronto is quite a bit lower than it used to be.
According to the new National Rent Report from Rentals.ca, the average rent in Toronto in December 2020 was 19.4% cheaper than it was in December 2019, the largest drop in all major Canadian municipalities.
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Toronto's average condo/apartment rent dropped to $2,024 a month, the largest drop noted in Rental.ca's report. Oakville came just behind, with an average rental rate drop of 16.2%.
But it wasn't good news for all of Ontario — Kitchener and Hamilton saw their average rents spike up by 16.8% and 15.1% respectively.
Still, on the whole, Rentals.ca said Ontario's average rent dropped by 7.8%, the largest amount out of any Canadian provinces or territories.
But Ontario is still the most expensive province to rent in, according to Rentals.ca.
The COVID-19 pandemic had a big impact in Canada's rental market, with noticeable dips in average rental costs over the course of the past year.
"A tenant looking for a rental property in December 2020 was looking at a savings of approximately $130 (11.5%) on average from a year earlier," Rentals.ca said.