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
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.
Fair in Ontario, flurries in Labrador: Weather systems make for an erratic spring
It's no secret that spring can be a tumultuous time for Canadian weather, and as an unseasonably mild El Nino winter gives way to summer, there's bound to be a few swings in temperature that seem out of the ordinary. From Ontario to the Atlantic, though, this week is about to feel a little erratic.
What do weight loss drugs mean for a diet industry built on eating less and exercising more?
Recent injected drugs like Wegovy and its predecessor, the diabetes medication Ozempic, are reshaping the health and fitness industries.
He replaced Mickey Mantle. Now baseball's oldest living major leaguer is turning 100
The oldest living former major leaguer, Art Schallock turns 100 on Thursday and is being celebrated in the Bay Area and beyond as the milestone approaches.
What a urologist wants you to know about male infertility
When opposite sex couples are trying and failing to get pregnant, the attention often focuses on the woman. That’s not always the case.
'It was instant karma': Viral video captures failed theft attempt in Nanaimo, B.C.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
Bank of Canada officials split on when to start cutting interest rates
Members of the Bank of Canada's governing council were split on how long the central bank should wait before it starts cutting interest rates when they met earlier this month.
Made-in-Newfoundland vodka claims top prize at worldwide competition
A Newfoundland-made vodka has been named one of the world’s best by judges at this year’s World Vodka Awards.