Rental demand rising in Toronto and Vancouver as pandemic gets under control

A new report from Rentals.ca claims that rents will continue to rise in the Toronto and Vancouver areas as post-secondary classes resume, and the world begins a slow return to normalcy.

Bullpen Research and Consulting president Ben Meyers said that the demand for rentals is rising, and a lot of it is for higher-end condo-style rentals. Actual Condo buying seems to be on the decline as per the same report.

The report says that since February 2021, rentals have been up 15 percent in both major cities. The report follows this up by stating that one and two-bedroom units have experienced a decline while larger three and four-bedroom units are showing an increase in popularity. This could be as people expect to start working from home or families moving back to cities after living in a more rural home for the pandemic.

The report also outlines Vancouver ($2,167 one-bedroom) as the most expensive Canadian city to rent in followed by Toronto ($1,989), of course. Notably, the next 11 slots are also filled with cities around Toronto and Vancouver, so Ottawa is the 13th most expensive city to live in, with an average one-bedroom cost of $1,598.

If you’re interested, you can view the full report here, and if you’re planning to move to a rental, you may want to see it before the price rises even more.

Source: Rentals.ca

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