It might be time to start apartment hunting in your favourite downtown neighbourhoods. It is now cheaper to rent in multiple areas in the Toronto's core, according to a June 2020 rent report. Toronto rent prices are now up to $450 cheaper in areas across the 6ix.
If you're looking for a new place to live, you might want to stick to some of these neighbourhoods.
Rentals.ca released their June 2020 Rent Report where they announced that rent has been dropping in areas across the 6ix.
They sort the information by postal code, and although not all Toronto neighbourhoods are seeing lower costs, some great locations are.
The info is based on data compared between January to May 2019 prices vs. January to May 2020 prices.
The report found that rentals had become cheaper by $449 in postal code M5E which includes St. Lawrence.
"M5E offered at $3,029 per month during the first five months of 2019 dropping by $449 to $2,580 per month," the report states.
Postal code M5V which includes the Entertainment District, Cityplace and King West also saw rents go down by $118.
June 2020 Rent Report | Rentals.ca
This means that prices went from a "$2,630 per month on average from January to May in 2019 to $2,512 during the same time span in 2020."
Although other neighbourhoods got more expensive, the findings were that rentals downtown decreased by 0.5% on average.
Postal code M4L which includes The Beaches actually saw apartment prices rise by a whopping $507.
Rentals.ca speculates that this is due to listings from a new rental project that has popped up on Queen Street East.
The consensus for the city as a whole is that prices have been dropping since the pandemic.
The report states that in Toronto, "the average rent for all property types declined for the sixth consecutive month in May to $2,266. The average rent in the metro area is down 4.7% annually."
It might be time for a move!
However, it is important to note that while prices are going down, Toronto remains the most expensive city in Canada, according to Rentals.ca.