A new report from Rentals.ca reveals that, in the one-bedroom category, Toronto rents have surpassed Vancouver’s, but the latter’s two-bedroom units are still Canada’s most expensive.
“Toronto has been a hot market,” said Matt Danison, CEO of Rentals.ca. “The prices keep going up and up and up. Toronto and Vancouver are always battling for the top rents in the country; it’s always neck and neck. Toronto overtook Vancouver for the month July.”
The average one-bedroom in Toronto costs $1,862 to rent, while in Vancouver it’s a hair lower at $1,833. A two-bedroom unit in Vancouver rents for an average of $2,583 a month, and for $2,193 Toronto.
That Toronto and Vancouver jokey for the unceremonious title of most expensive rental city in Canada is a consequence of supply shortages in both cities. Danison has a solution that could offer some relief, albeit in a limited capacity.
“New rental buildings have to have a different approach in that, like Manhattan, the square footage has to be a lot smaller than it is. That way, you can include more rental units in a building by cutting the square footage. Instead of living in a 900 square foot apartment with super high rent, you can cut the rent by reducing the square footage to 650.”[ReadMe…]