Renting in Toronto? Be prepared to pay extra: realtor
Renting a home in the Greater Toronto Area is now as competitive as owning and those looking to rent need to be prepared to offer more than what is being asked, according to one Toronto real estate agent.
Amrit Walia, a realtor with Royal LePage, said he sees a lot of bidding wars with prospective tenants offering $50 to $150 over asking.
"If there is a multiple offer situation, I tell [my clients] the situation that there are like two or three more offers. If they really love the place they should go ahead and do like 50 bucks [over asking]," told CTV News Toronto.
He said any more than that is not worth it.
And that competitiveness is pushing prices up, according to the Toronto Region Real Estate Board (TRREB).
Data from TRREB shows that average rental prices for a one-bedroom condo in the GTA rose 17.8 per cent in the first quarter of 2022 to $2,145 a month.
For a two-bedroom condo, the average was up 17.2 percent to over $2,800 a month.
Moreover, Jason Mercer from TRREB believes we aren't at the peak.
"We're approaching the pre-pandemic peak and we certainly expect to reach that as we move through 2022," Mercer explained.
Mercer said rental units took a big hit during the pandemic, and this is recovery.
Just as interest rates are on the rise, making it harder to buy a home, Walia said that creates more competitiveness in the rental market.
"When the interest rates go up, the buyer who was about to buy a place, they put their decision on hold, and those buyers get into the rental pool as well," he said.
On the supply side, according to TRREB, the total number of rentals was actually down 23 per cent in the first quarter of this year, making supply a big issue.
With no relief in sight, renters should expect to pay more through the end of the year.
CTVNews.ca Top Stories
'Happy tears' of victim's sister after prison attack on serial killer Robert Pickton
Cynthia Cardinal said she was 'overwhelmed' with happiness when she received a text message on Monday with the news that serial killer Robert Pickton, who murdered her sister, was attacked in prison. She called it 'karma.'
DEVELOPING Republican National Committee in Washington evacuated after blood vials received in package
The headquarters of the Republican National Committee in Washington, D.C., was briefly evacuated on Wednesday morning after a suspicious package containing two vials of blood was delivered to the building, the police said.
Fish oil supplements may raise risk of stroke, heart issues, study suggests
As an excellent source of heart-healthy omega-3 fatty acids, daily fish oil supplements are a popular way to keep the risk of cardiovascular disease at bay.
Woman found dead in Lake Ontario in 2017 matches identity of missing person in Switzerland
Genetic genealogy has helped Toronto police identify a woman who was found dead in Lake Ontario in 2017.
Montreal photographer captures dramatic Canada goose vs. fox fight on video
A Montreal photographer captured the moment a Canada goose defended itself from a fox at the Botanical Garden.
Interpol says more than 1,500 stolen Canadian vehicles identified since February
Interpol says more than 200 stolen Canadian vehicles have been found each week across the globe since February.
Thunderstorms with tornado risk in some areas in Ontario, snow elsewhere in Canada
Canadians can expect a mixed bag of weather, with forecasts warning of thunderstorms, heavy rain and snow in some areas across western Canada.
opinion Biden steals debate issue from Trump campaign, makes it his own
Donald Trump had spent weeks needling U.S. President Joe Biden for his refusal to commit to a debate. But Washington political columnist Eric Ham describes how in one fell swoop, Biden ingeniously stole the issue from the Trump campaign and made it his own.
'All hell broke loose': Passengers on Singapore Airlines flight describe nightmare at 37,000 feet
Passengers on a Singapore Airlines flight hit by severe turbulence on Tuesday described a sudden, dramatic drop as 'all hell broke loose' on board the Boeing airliner carrying 229 passengers and crew.