Toronto's Real Estate Is So Pricey, Its Housing Bubble Risk Ranked 2nd-Largest In The World

Toronto real estate might as well be a dirty word at this point, and judging by the most recent data, things aren't getting any better.

On October 5, UBS Global Real Estate Bubble Index 2021 revealed that the city now has the "second-largest real estate bubble risk in the world," beating out top another contender, Vancouver, by a significant margin.

The 6ix's growing population and falling mortgage rates have caused its real estate prices to skyrocket, increasing by almost 8% over the last four quarters.

Toronto scored a total of 2.02 in the index, which highlights the city's significant risk factor for becoming a real estate bubble in the future.

Local authorities have previously attempted to introduce tighter financing conditions, vacancy fees, and stricter rent control to reduce the rising rents, but it looks like the efforts haven't been proved successful in the big picture.

This article’s cover image was used for illustrative purposes only.

Toronto rent prices are slowly going back up after declining during the COVID-19 pandemic, and it could be time to start packing your bags.

According to Rentals.ca, the average price of a one-bedroom apartment in the 6ix is currently just under $2,000, which is down 2.9% compared to the same period last year. However, overall rent, which is $2,181, is up 6.7% from the second quarter of 2021.

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Finding spots with the cheapest rent in Toronto is a difficult task that isn't getting any easier. However, you can save yourself a struggle if you know where to look.

According to Toronto Rentals, the two biggest factors that come into play when looking for an affordable apartment are the neighbourhood in which it is located and the number of bedrooms.

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Over A Quarter Of Young Ontarians Went Out & Somehow Bought A Home During The Pandemic

Who else is still searching for their millions? 💰🕵🏻

If you can believe it or not, a good amount of Ontarian young adults actually went out and bought a home during the pandemic.

According to a report from Royal LePage from February 2021, 44% of Ontarians aged 25 to 35 own their own home, and 26% of those people have bought that home since mid-March last year at the start of the pandemic. It was also recently revealed that nearly 20% of Toronto's homeowners under 35 own a second property, too.

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Here's What $1000 Rent Can Get You Across Vancouver

From a 2 bedroom suite to a small bedroom.

I don't think I need to say much about how expensive rent is in Vancouver because the entire city (and the entire country) is well, well aware of that fact. Living in the beautiful city comes at a (great) cost. For the past while, Vancouver has had one of the highest housing markets not only in Canada, but also across the globe.

In 2017, Vancouver is the third most expensive in the entire world to live in, ranking only behind Hong Kong and Sydney. If you thought 2016 was already an expensive year for housing, well 2017 had it beat — according to Business Insider, in one year only, the cost of housing in Vancouver increased significantly yet again.

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