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With Square Yards Canada, you can explore ideal properties in Toronto. Search for your options 2649 rental condo apartment, 142 townhouse condos for rent, 86 rental townhouse, office space for lease, 693 detached and 194 semi-detached houses for rent in Toronto.
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The new development and renovations around the city reflect Toronto's advancing economy. As one of Canada's most popular real estate markets, many individuals opt to reside in the Greater Toronto Area, where public transportation is readily available through the subway, streetcars, buses, and transit trains. The CN Tower, located downtown, contributes to one of the most iconic skylines in the world. Toronto's vibrant and varied culture and thriving real estate market make it an excellent area to look for your new rental home. It's a safe, welcoming, and affordable city. Toronto has risen to the top of the rankings that rate cities based on factors such as safety and security, ease of doing business, democracy, friendliness, and cultural variety, among others. All of these characteristics encourage more individuals to consider relocating to the city.
The average monthly rent climbed by 43% yearly to CAD 3,203 in the city's most lively regions, which include the Entertainment District, King West, and Cityplace. The Yonge and Eglinton, Whitney Redpath, and the Parker neighbourhood have seen rents rise 38% yearly to CAD 2,838 monthly. However, rents in this region are being supported by listings at two new purpose-built rental flats. The Village and Downtown Yonge are active neighborhoods regarding rental activity, with rentals increasing by 24% yearly to CAD 2,674 monthly. The preference is more apparent in cities like Toronto, where the average rent for all property types increased by an incredible 24% between July 2021 and 2022, reaching CAD 2,691. At the same time, Toronto's costs are growing faster than the national average. Toronto had the fourth-lowest growth rate of the 35 major cities studied last month; Victoria, British Columbia, led the list with an annual rent rise of 27%, followed by Hamilton (26%), and Kitchener (26%). Despite this, Toronto remains Canada's second-most costly rental market, behind Vancouver, which reported a 16% annual growth rate last month to reach a new average rent price (for all property types) of CAD 3,118.
The city of Toronto has 190 recognised rental homes, so there are plenty of preferences for prospective house buyers. The types of homes offered in each neighbourhood will change. The neighbourhood housing market as home rental prices in various areas might also vary considerably. Each neighbourhood's community may provide different lifestyles and experiences. The following are the ten cheapest Toronto neighbourhoods in terms of total rental prices:
| Neighbourhoods | Average Rental Price (CAD) |
| High Park-Swansea | CAD 3,205 |
| Mimico | CAD 2,994 |
| South Parkdale | CAD 2,192 |
| Cabbagetown-South St. James Town | CAD 2,025 |
| Humewood Cedarvale | CAD 2,300 |
| North St. James Town | CAD 2,289 |
| Yonge-Eglinton | CAD 2,593 |
| Church-Yonge Corridor | CAD 2,695 |
| Mount Pleasant West | CAD 2,760 |
| Islington-City Centre West | CAD 2,866 |
In July, the average monthly rent per square foot in these top neighbourhoods was CAD 3.73, up 3% monthly (CAD 0.11) and 20% yearly. Casa Loma is the most expensive market, with monthly growth of 15.2%, CAD 0.58 per square foot and yearly growth of CAD 1.33 per square foot, a 43% rise. The increase is attributable to the completion of the 15 luxury rental complexes and the addition of the freshly refurbished, high-end rental Two Clarendon. Waterfront Communities is the most active neighbourhood in terms of listing activity, with monthly rent increasing from CAD 3.32 per square foot in July 2021 to CAD 3.96 in July 2022, representing yearly growth of more than 19%. The Real Estate Brokerage sector in Canada is the second most excellent Real Estate and Rental and Leasing industry in market size, ranking 51st overall. Canada's Real Estate Brokerage sector was predicted to shrink by -1.6% in 2022. Population increase boosts home demand, rising house prices, industry commissions, and brokerage costs. As a result, population expansion typically leads to increased industrial revenue and returns. This municipality's rent is already high and expected to rise more in future years. If you invest in the house, you should have adequate cash flow to cover your home loan payments. Gains and revenue, together with strong demand, are the reasons everyone wants to acquire a rental property in Toronto.
The average rental price in the Greater Toronto Area has continued to grow with hikes of 5.7%, 3.1%, and 3.3% in the previous three months. From July 2021 to July 2022, the Greater Toronto Area witnessed a significant yearly rent rise. Monthly studio rentals increased by 14% yearly, one-bedroom rents increased by more than 15%, two-bedroom rents increased by 19%, and three-bedroom rents increased by 14%. Four-bedroom apartments increased by 3%. The monthly data is volatile due to the wide variety of four-bedroom residences available, ranging from older flats to huge single-detached homes in significant excess, with average rentals ranging between 2.2 to 2.9%.
Toronto has been and will continue to be a prevalent destination for people at all stages of life, including raising a family, attending school, and retiring. This pleasant city has diverse neighbourhoods that highlight various aspects of community living. There are waterfront neighbourhoods, residential areas, and business hubs for entrepreneurs and students.
Pet-friendly rental apartments in Toronto are more widespread than ever. You may now effortlessly search through hundreds of pet-friendly rental listings to discover the ideal home for you and your pet roommate. It may be beneficial to know that the average rent for an apartment in Toronto is CAD 2,037. It varies depending upon the locality you choose. Looking for something special? Pet-friendly condos with extra-large floor plans are available for as little as CAD 5,343 per month.
In 2016, renters made up 47% of the city's households. A proportion of renter families pays more than 50% of their income. Their housing income is almost twice that of the owners and has risen by 21% in the last ten years. The vacancy rate in private rental housing across all unit types was 1.5% in 2019, but jumped to 3.7% in 2020 owing to the impact of the COVID-19 epidemic on the rental market. Primary rental homes account for nearly half of the city's housing commodities, while condominium rental units account for around 18%. The remaining one-third consists of social housing, such as basement apartments. Household size statistics show that smaller households are increasing while Toronto's families are shrinking overall. One-person and two-person homes account for around one-third of all households in the city. In 2016, there were 261,873 private market primary rental units and 92,658 condominium rental units, according to CMHC rental statistics.
A few of the best neighbourhoods to rent in Toronto are Yorkville, Bloor West Village, Yonge & Eglinton, Yonge & St. Clair (Deer Park), York Mills, and Scarborough Village Neighbourhood.
The official average monthly costs for rental flats and condominiums at the end of 2021, according to the Toronto Real Estate Board, were:
CAD 1,574 for a studio apartment,
CAD 1,970 for a one-bedroom apartment,
CAD 2,694 for a two-bedroom apartment,
CAD 3,578 for a three-bedroom apartment.
Condos usually include all utilities in the rental price except Hydro (electricity). In less common instances, the tenant must also pay for water, which is often the case in newer buildings. It is common to find Hydro included in the rental price in older buildings.
An owner can raise the rent every twelve months in Toronto. You would, however, be required to offer 60 days’ notice before leaving.
The average annual flat rent in Toronto varies depending on the property type you want to opt for; it ranges from CAD 1,900 to CAD 3,500.
A maintenance request is a formal letter to your landlord asking to repair something that you can’t or don’t feel comfortable fixing on your own. Make sure that you know the procedure for submitting maintenance requests and know the warning signs to look for to avoid extensive damage.
With the signed agreement, you’re not supposed to decorate the walls of rental apartments in Toronto, but you can use a few inspirational images or sceneries that don’t damage the property; otherwise, you are required to pay an extra amount.
The following documents are required for a rental home in Toronto:
No, getting a realtor to rent a house is not essential.
The average rent for three bedrooms house in Toronto is CAD 3,578.
