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 Honda to get up to $5B in govt help for EV battery, assembly plants
Honda is set to build an electric vehicle battery plant next to its Alliston, Ont., assembly plant, which it is retooling to produce fully electric vehicles, all part of a $15-billion project that is expected to include up to $5 billion in public money.
BREAKING New York appeals court overturns Harvey Weinstein's 2020 rape conviction from landmark #MeToo trial
New York’s highest court on Thursday overturned Harvey Weinstein’s 2020 rape conviction, finding the judge at the landmark #MeToo trial prejudiced the ex-movie mogul with improper rulings, including a decision to let women testify about allegations that weren’t part of the case.
Residents of northern Alberta First Nation told to shelter in place
Residents of John D'Or Prairie, a community on the Little Red River Cree Nation in northern Alberta, were told to take shelter Thursday morning during a police operation.
Secret $70M Lotto Max winners break their silence
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
Remains from a mother-daughter cold case were found nearly 24 years later, after a deathbed confession from the suspect
A West Virginia father is getting some sense of closure after authorities found the remains of his young daughter and her mother following a deathbed confession from the man believed to have fatally shot them nearly two decades ago.
Monthly earnings rise, payroll employment falls: jobs report
The number of vacant jobs in Canada increased in February, while monthly payroll employment decreased in food services, manufacturing, and retail trade, among other sectors.
First in Canada procedure performed at London, Ont. hospital
A London man has become the first person in Canada to receive a robotic assisted surgery on his spine. Dave Myeh suffered from debilitating, chronic back pain that led to sciatica in his right now and extreme pain in his lower back.
Doctors say capital gains tax changes will jeopardize their retirement. Is that true?
The Canadian Medical Association asserts the Liberals' proposed changes to capital gains taxation will put doctors' retirement savings in jeopardy, but some financial experts insist incorporated professionals are not as doomed as they say they are.
Something in the water? Canadian family latest to spot elusive 'Loch Ness Monster'
For centuries, people have wondered what, if anything, might be lurking beneath the surface of Loch Ness in Scotland. When Canadian couple Parry Malm and Shannon Wiseman visited the Scottish highlands earlier this month with their two children, they didn’t expect to become part of the mystery.