The average cost of rent in Toronto has taken a blink-and-you’ll-miss-it dip.
You can now rent a one-bedroom apartment for an average $2,240, according to a report by listings site Rentals.ca. That’s a 3.2 per cent drop from January and 0.1 per cent from the previous year.
The report is based on data collected in the month of February – before the COVID-19 crisis set in.
Higher-income neighbourhoods are maintaining the status quo, with average rent per square foot being the highest in the M5R area (Yorkville, The Annex), which is sitting at a hefty $5.11.
Unsurprisingly, the city continues to be the priciest rental market in the country, with the highest monthly asking rent at $2,332, followed by Vancouver at $2,155. Saskatoon remains the lowest at $985.
All of Canada, in fact, has seen a slight drop. The average rent for Canadian properties in February was $1,823 per month, down 3 per cent from January, and 3.4 per cent from the previous year.
Overall, it’s marginally good news for Toronto’s rental market, which is soon to see an even bigger change in the midst of the COVID-19 pandemic. Some renters are delaying their search for a new home entirely, while many others are struggling to pay their rent as is as they face lost jobs and work hours in just about every industry.
While Ontario will see no new eviction orders during the pandemic, many have also called for a rent strike.
An online petition demanding the Canadian government freeze rents across the country has collected over 600,000 signatures as of Monday.
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