Every Toronto neighbourhood, ranked from most expensive to cheapest average monthly rent
A new report released on rental trends in the Greater Toronto Area has released a ranking of each neighbourhood showing the cheapest monthly rental prices to the highest.
The report, released by Bullpen Research & Consulting and TorontoRentals.com, ranks each Toronto neighbourhood by average rental price, annual change in average rent, and average rent per square foot of all property types using listings data from TorontoRentals.com.
While rental prices across the city declined steadily over the course of 2020, many parts of the city are beginning to see a stabilization in prices.
Currently, 14 neighbourhoods in Toronto have average rental prices higher than $2,000 a month.
According to the report, the neighbourhood with the most expensive average monthly rental price this year was Rosedale-Moore Park at $2,308, down 14 per cent from the first four months of 2020.
While Rosedale-Moore Park may have topped the list, the average square footage of each rental unit was 769 square-feet.
Palmerston-Little Italy and Dufferin Grove took the second and third spots, with monthly average rental prices of $2,235 and $2,203, respectively.
The area that saw the smallest decline in rental costs was High Park North, with a decline of three per cent, while the Yonge St. and St Clair Ave. neighbourhood saw the highest decline — a 39 per cent decrease.
Toronto neighbourhoods ranked by average monthly rental price. (Courtesy of TorontoRentals.com)Toronto Rentals notes that “the composition of the listings plays a factor in movements in the average rent on a monthly basis.”
“If there were a lot of large units for rent last year and a lot of smaller units for lease this year, the average rent is lower, but it may not reflect landlords actually lowering rents,” the report reads.
GTA Municipalities Ranked
In addition to ranking each Toronto neighbourhood, Toronto Rentals May 2021 Rental Report also provides data on municipalities in the Greater Toronto Area.
GTA municipalities ranked by average monthly rental price. (Courtesy of TorontRentals.com)Vaughan took the top spot, with an average monthly rental price of $2,136.
“The average rent for a condo or rental apartment in Vaughan has experienced the largest month-to-month increase in April 2021, rising by nearly 10% to $2,136 per month. Pickering was a close second, experiencing a month-over-month increase of 8.3% to $1,790 per month,” reads the report.
According to the report, the fact that Toronto has increased month after month by only just under one per cent indicates that the demand for tenants the downtown Toronto area is increasing.
The municipality of Whitby had the lowest rental price — $ 1,510 per month.
A strong demand for suburban area remains
According to Ben Myers of Bullpen Research, COVID-19 lockdowns and vaccine setbacks are to blame for the slow return to downtown city living.
“Lockdowns and vaccine setbacks in Toronto have forced many employees to continue working from home. There remains strong demand for larger units in the suburban areas,” Myers wrote.
A report by Statistics Canada released in January 2021 stated that Toronto saw a record-breaking loss of residents from July 2019 to July 2020 as more and more city-dwellers moved to the suburbs.
CTVNews.ca Top Stories
More than 115 cases of eye damage reported in Ontario after solar eclipse
More than 115 people who viewed the solar eclipse in Ontario earlier this month experienced eye damage after the event, according to eye doctors in the province.
Last letters of pioneering climber who died on Everest reveal dark side of mountaineering
George Mallory is renowned for being one of the first British mountaineers to attempt to scale the dizzying heights of Mount Everest during the 1920s. Nearly a century later, newly digitized letters shed light on Mallory’s hopes and fears about ascending Everest.
Toxic testing standoff: Family leaves house over air quality
A Sherwood Park family says their new house is uninhabitable. The McNaughton's say they were forced to leave the house after living there for only a week because contaminants inside made it difficult to breathe.
Decoy bear used to catch man who illegally killed a grizzly, B.C. conservation officers say
A man has been handed a lengthy hunting ban and fined thousands of dollars for illegally killing a grizzly bear, B.C. conservation officers say.
Sophie Gregoire Trudeau on navigating post-political life, co-parenting and freedom
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
An emergency slide falls off a Delta Air Lines plane, forcing pilots to return to JFK in New York
An emergency slide fell off a Delta Air Lines jetliner shortly after takeoff Friday from New York, and pilots who felt a vibration in the plane circled back to land safely at JFK Airport.
B.C. seeks ban on public drug use, dialing back decriminalization
The B.C. NDP has asked the federal government to recriminalize public drug use, marking a major shift in the province's approach to addressing the deadly overdose crisis.
'I was scared': Ontario man's car repossessed after missing two repair loan payments
An Ontario man who took out a loan to pay for auto repairs said his car was repossessed after he missed two payments.
First court appearance for boy and girl charged in death of Halifax 16-year-old
A girl and a boy, both 14 years old, made their first appearance today in a Halifax courtroom, where they each face a second-degree murder charge in the stabbing death of a 16-year-old high school student.