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Toronto Rent Has Been Made Cheaper By The Pandemic While Other Cities' Rent Prices Soar

The pandemic has changed virtually every aspect of our daily lives and renting is not immune from that.

Toronto's rent prices have been steadily dropping the past couple of months as remote workers leave the city. 

However, while rent is getting cheaper in Toronto, cities outside of the GTA are seeing their prices increase, Paul Danison of Rentals.ca said to Narcity.

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[Rent in] Hamilton is way up, St. Catharines is way up. London has been increasing quite a bit too.

Paul Danison

There are a number of things causing rent prices in the city to decrease, says Danison.

"You see students not going back to school and staying at home, you don't have new immigrants coming in," he said.

"Even younger professionals who have chosen to move back in with their parents to save money, and because of health concerns, a lot of people just aren't moving."

With that said, though, Danison notes that this has led to a rise in prices in smaller cities like Guelph, Kitchener, and Hamilton.

"Overall in Kitchener, year-over-year [prices are] up 17.4% for a one-bedroom and up 10.2% for a two bedroom," he said.

Danison predicts that this trend will shift "once things get back to normal," but that might not be for quite some time.

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