The pandemic deflated Toronto’s rental market for a while, but landlords are always after their cut.
As the country anticipates the end of the pandemic, both one and two-bedroom units posted monthly price increases in May and June. The real estate publication Livable posted that the market actually started to turn a corner last March but renters are starting to really see prices rise now as a safe summer appears around the corner.
In May, the average price of a one-bedroom Toronto apartment grew by 0.9 percent to a price of $1,833, and two bedrooms went up 1.9 percent to an average of $2,455. These prices are still down roughly 12 percent and 7.5 percent respectively compared to last year’s May prices, suggesting that we’ll likely see prices continue to climb throughout the summer.
As of June, rentals in Vancouver have risen the most in 2021, with one-bedrooms up 2.4 percent and two-bedrooms up 7 percent compared to May. Toronto tucks in right behind it. You can view the whole Canadian list of average June rental prices from Rentals.ca here.
Ben Myers, President of Bullpen Research & Consulting, told Livablthat May’s data showed some of the first signs of a market turnaround. This, plus the vaccine rollout, has renters scrambling to take advantage of the deflated prices while they’re still around, which in turn has started to raise prices on its own.