Toronto Condos For Rent: Market Update & Average Prices
Who’s cares about the market – I just want to rent a condo in Toronto!
Fair enough. So, we’re going to be right to the point and tell you what you need to know prior to renting a condo in Toronto – the demand and average prices.
Demand – How hard is it going to be to find a condo to rent?
As reported by the Toronto Real Estate Board – for the first 4 months of 2007, rental activity was up 16% over the same period in 2006. All that means is that while the numbers of condos for rent are increasing, even more people are renting condos which means that in popular areas, there’s going to be significant competition for condos which will likely result in you having to pay more and to act very quickly upon seeing the condo.
The area with the most demand is the west side of Downtown – Bloor down to the water and west of Yonge Street. This area experienced a 41% increase in rental activity over the same period in 2006. In general, the downtown core (including east of Yonge Street) accounts for almost 40% of all condo rentals in the GTA.
Pricing – How much is reasonable to pay for the condo I want?
As reported by the Toronto Real Estate Board (with some adjustment from the myhood.ca team), the following are the average monthly rent prices paid in each area of the Greater Toronto Area.
Average Prices of Downtown Toronto Condos
Average Prices of Midtown and North Toronto Condos
Average Prices of West Toronto and Etobicoke Condos
Average Prices of East York/East Toronto Condos
Average Prices of Mississauga Condos
Fair enough. So, we’re going to be right to the point and tell you what you need to know prior to renting a condo in Toronto – the demand and average prices.
Demand – How hard is it going to be to find a condo to rent?
As reported by the Toronto Real Estate Board – for the first 4 months of 2007, rental activity was up 16% over the same period in 2006. All that means is that while the numbers of condos for rent are increasing, even more people are renting condos which means that in popular areas, there’s going to be significant competition for condos which will likely result in you having to pay more and to act very quickly upon seeing the condo.
The area with the most demand is the west side of Downtown – Bloor down to the water and west of Yonge Street. This area experienced a 41% increase in rental activity over the same period in 2006. In general, the downtown core (including east of Yonge Street) accounts for almost 40% of all condo rentals in the GTA.
Pricing – How much is reasonable to pay for the condo I want?
As reported by the Toronto Real Estate Board (with some adjustment from the myhood.ca team), the following are the average monthly rent prices paid in each area of the Greater Toronto Area.
Average Prices of Downtown Toronto Condos
- Bachelor: $1,133
- 1 Bedroom: $1,480
- 1 Bedroom + Den: $1,630
- 2 Bedrooms: $2,149
Average Prices of Midtown and North Toronto Condos
- Bachelor: $1,406
- 1 Bedroom: $1,376
- 2 Bedrooms: $2,010
Average Prices of West Toronto and Etobicoke Condos
- 1 Bedroom: $1,317
- 2 Bedrooms: $1,755
Average Prices of East York/East Toronto Condos
- 1 Bedroom: $1,192
- 2 Bedrooms: $1,397
Average Prices of Mississauga Condos
- 1 Bedroom: $1,243
- 2 Bedrooms: $1,493