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
There's actually no such thing as vegetables. Here's why you should eat them anyway
The rumours are true: Vegetables aren't real — that is, in botany, anyway. While the term fruit is recognized botanically as anything that contains a seed or seeds, vegetable is actually a broad umbrella term.
BREAKING Israeli forces seize Rafah border crossing in Gaza, putting ceasefire talks on knife's edge
Israeli tanks seized control of Gaza’s vital Rafah border crossing on Tuesday as Israel brushed off urgent warnings from close allies and moved into the southern city even as ceasefire negotiations with Hamas remained on a knife’s edge.
The Met Gala was in full bloom with Zendaya, Jennifer Lopez, Mindy Kaling among the standout stars
The Met Gala and its fashionista A-listers on Monday included Jennifer Lopez, Zendaya and a parade of others in a swirl of flora and fauna looks on a green-tinged carpet lined by live foliage.
Canadian cadets rock mullets and place second at U.S. military competition
Sporting mullets, Canadian Armed Forces officer cadets placed second in an annual military skills competition in the U.S.
'It looked so legit': Ontario man pays $7,700 for luxury villa found on Booking.com, but the listing was fake
An Ontario man says he paid more than $7,700 for a luxury villa he found on a popular travel website -- but the listing was fake.
Noelia Voigt resigns as Miss USA, citing her mental health
Noelia Voigt, who was crowned Miss USA in November 2023, has announced she is resigning from her role, saying the decision is in the best interest of her mental health.
Putin begins his fifth term as president, more in control of Russia than ever
Vladimir Putin began his fifth term Tuesday as Russian leader at a glittering Kremlin inauguration, setting out on another six years in office after destroying his political opponents, launching a devastating war in Ukraine and concentrating all power in his hands.
Winnipeg man admits to killing four women, argues he's not criminally responsible
Defence lawyers of Jeremy Skibicki have admitted in court the accused killed four Indigenous women, but argues he is not criminally responsible for the deaths by way of mental disorder – this latest development has triggered a judge-alone trial rather than a jury trial.
Mediterranean staple may lower your risk of death from dementia, study finds
A daily spoonful of olive oil could lower your risk of dying from dementia, according to a new study by Harvard scientists.