Status Quo

What does renting in Downtown Toronto look like?

• Average rental rate in Toronto for a one-bedroom is $2,320 which is a 0.7% increase in prices from last month

  • according to rentals.ca

• Annual change in rent was 8.3% higher than 2018

  • $2,584 was the average rent price for all property types

• Monthly rental rates have increased by 1.8% annually in Toronto for Condo apartments

• Rental Rates for purpose-built rental apartments are up 16.1$% annually, rising from $1,966 per month to $2,283

• the number of rental apartments listed on Rentals.ca in Toronto has declined since last year while the number of condo apartments listed on rentals.ca has increased by 25%

Why are houses so expensive?

• Foreign Investments
  • foreign investors ten to focus on high-end estate market because they can afford to pay big money and this in turn drives up housing costs all across the city
• Access to goods and services
  • the bigger the city and the more stuff it has to offer
• Public Trans.
  • high demand in living beside public transportation
• Development + Construction
  • Toronto is currently going through a condo infestation which is spreading rapidly and driving up renting prices in neighborhoods
• Utilities
  • cost of hydro is going up
• Property Location
• New detached houses are expensive
  • the cost to build a house in toronto starts at about 200-400 dollars per square foot
  • the average volume of a one bedroom condo is 660 square feed
  • 660 x 300 = $1980
• New rental apartments are not being built because of the short term profits to be made from building and selling condos

“While new home sales and inventory have been increasing, the GTA continues to experience a significant housing supply crunch,” says David Wilkes, BILD President & CEO. “We must continue to focus on the supply side of the housing equation to address this generational challenge for the long term.”