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
BREAKING Health Canada to change sperm donor screening rules for men who have sex with men
Health Canada will change its longstanding policy restricting gay and bisexual men from donating to sperm banks in Canada, CTV News has learned. The federal health agency has adopted a revised directive removing the ban on gay, bisexual and other men who have sex with men, effective May 8.
American millionaire Jonathan Lehrer denied bail after being charged with killing Canadian couple
American millionaire Jonathan Lehrer, one of two men charged in the killings of a Canadian couple in Dominica, has been denied bail.
LeBlanc says he plans to run in next election, under Trudeau's leadership
Cabinet minister Dominic LeBlanc says he plans to run in the next election as a candidate under Prime Minister Justin Trudeau's leadership, amid questions about his rumoured interest in succeeding his longtime friend for the top job.
Grandparent scam suspects had ties to Italian organized crime, police allege
A group of suspects that allegedly defrauded seniors across Ontario and other parts of Canada using a so-called emergency grandparent scam appear to have ties to 'Italian traditional organized crime,' according to an investigator involved in the OPP-led probe.
Sports columnist apologizes for 'oafish' comments directed at Caitlin Clark. The controversy isn’t over
A male columnist has apologized for a cringeworthy moment during former University of Iowa superstar and college basketball’s highest scorer Caitlin Clark’s first news conference as an Indiana Fever player.
Trend Line Anger, pessimism towards federal government reach six-year high: Nanos survey
Most Canadians in March reported feeling angry or pessimistic towards the federal government than at any point in the last six years, according to a survey by Nanos Research.
B.C.'s short-term rental regulations include $10K daily penalties for Airbnb, other platforms
Short-term rental platforms that violate B.C.'s pending regulations can face administrative penalties of up to $10,000 per day, officials announced Thursday.
Closing arguments heard in trial for Sask. dad accused of abducting daughter
Closing arguments were heard Thursday morning in the case of Michael Gordon Jackson, the Saskatchewan man accused of abducting his daughter in 2021 to keep her from getting a COVID-19 vaccine.
Cat found on Toronto Pearson airport runway 3 days after going missing
Kevin the cat has been reunited with his family after enduring a harrowing three-day ordeal while lost at Toronto Pearson International Airport earlier this week.