The Average Rent In Toronto Just Plummeted & These Units Are A Lot Cheaper Now
Rent has dropped in other areas of the GTA, too. 📉
As temperatures continue to drop in Toronto, marking the coldest day on record for the past three years, so do rental prices, with the average cost of a one-bedroom unit falling remarkably for the month of January.
According to a new report from rental platform liv.rent, the average price of an unfurnished, one-bedroom unit in the city has dropped $88, marking the new norm $1,678.
Surprisingly, downtown Toronto saw the most considerable decrease for both unfurnished and furnished units, at -16.37% and -25.27%.
The update has made furnished one-bedroom units just $25 more than unfurnished ones.
"After finishing 2021 on a yearly high, the GTA's average rent has fallen $88 to a new level of $1678. The winter months typically see a decline in rental prices across Canada, and January looks to see the beginning of that trend," an excerpt from the rental report reads.
So, Toronto prices are slowly getting back to normal after increasing to groan-worthy prices during the holiday season — mind you, they're still expensive.
Thankfully, other areas of the GTA offered some cheaper alternatives just in case you want to live with a dent-free bank account.
Brampton and Mississauga once again established themselves as the area's most affordable municipalities this month, with the average price for furnished one-bedroom units being just under $1,500.
Unfurnished units in Brampton and Mississauga fell -7.34% and -7.41% respectively, at $1,502 and $1,721 per month for a one-bedroom.
It's also worth noting that, on average, a furnished three-bedroom unit in North York costs just $22 more than a furnished two-bedroom unit.
However, if you're done with the GTA altogether, you should head to Niagara Falls, which currently holds the most affordable rent for an Ontario community, with the average unfurnished one-bedroom going for $1,196