With Toronto being one of the most expensive places to rent in Canada, sometimes it's hard to find an apartment that's both affordable and liveable. However, Toronto's Regional Real Estate Board just released a report that showcases the average rental prices, and it's not all bad news. Toronto's rental prices have actually dropped in April, yet residents are still looking at a hefty price tag.
Toronto’s Regional Real Estate Board reported that rent rates dropped significantly in April when compared to last year’s prices during the same period.
According to TRREB, average rents for both one-bedroom and two-bedroom apartments in the city saw a decrease last month. The average one-bedroom rent is now $2,107, which marks a 2.7% drop when compared to April 2019.
Two-bedroom apartments saw an even more drastic decrease with the average rent now clocking in at $2,705, a reduction of 4.1% when compared to last year’s rates.
According to the report, these drops in rental prices is a direct impact of the pandemic that the city has currently been dealing with.
“These are unprecedented times. Past recessions and recoveries do not necessarily provide the best guide as to how the housing market will recover from the impact of the COVID-19 pandemic," said TRREB CEO John Michele.
"A key factor for the housing market recovery will be a broader reopening of the economy, which will result in an improving employment picture and a resurgence in consumer confidence.”
However, it's not just rental prices that are starting to drop across the GTA.
On April 22, TRREB released its data on Toronto’s housing market since the lockdown, which showed a decrease in several homes sold in the 6ix.
According to the board, the city saw a 69% reduction in home sales when compared last year’s average.
The average selling price across the GTA dropped by just 1.5%.
However, detached homes were hit the hardest, seeing a 9.1% drop in prices.
Yet TRREB warns that once the lockdown starts to end across the province, it's likely that prices will start to return to normal.
So if you're looking to find yourself a new place to live, now may be the time to do so.