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
'He's in our hearts': Family and friends still seek answers one year after Nathan Wise’s disappearance
It’s been a year since Nathan Wise went missing and his family is no closer to finding out what happened to him.
'My family doctor just fired me': Ontario patients frustrated with de-rostering
Dozens of Ontarians are expressing frustration in the province’s health-care system after their family doctors either dropped them as patients or threatened to after they sought urgent care elsewhere.
Ottawa pizzeria places among top 20 deep-dish pizzas in the world at international competition
An Ottawa pizzeria is being recognized as one of the top 20 deep-dish pizzas in the world.
Canada Post cracks down on Nunavut loophole to get free Amazon Prime shipping
Amazon's paid subscription service provides free delivery for online shopping across Canada except for remote locations, the company said in an email. While customers in Iqaluit qualify for the offer, all other communities in Nunavut are excluded.
Wildfire near Fort McMurray more than triples overnight, several evacuation alerts remain in place
The fire burning near Fort McMurray grew from 25 hectares to 5,500 hectares over the weekend.
Putin replaces Russian defence minister in rare cabinet shakeup
Russia’s President Vladimir Putin began a Cabinet shakeup on Sunday, proposing the replacement of Sergei Shoigu as defence minister as he begins his fifth term in office.
Man fatally 'slashed in the neck' in downtown Toronto, suspect outstanding
Police are searching for a male suspect after a man was “slashed in neck” on Sunday morning in downtown Toronto and died.
WATCH Dashcam video shows terrifying near-miss on two-lane northern Ontario highway
There were some scary moments for several people on a northern Ontario highway caught on video Thursday after a chain reaction following a truck fire.
Edibles, armchairs and adapters: Here are the recalls for this week
Health Canada announced various product recalls this week, including electric adapters, armchairs, cannabis edibles and vehicle components.