As your local real estate brokerage, we strive to always provide valuable information as it relates to your largest investment. At the beginning of every month, we work to compile statistics relating to both Toronto proper and the larger GTHA region. Simply provide your contact information below, and we'll be sure to send our infographics your way every month until you tell us otherwise. Enjoy!
MARKET UPDATE FOR THE WEEK ENDING JUNE 18TH, 2021
The average monthly rents are up in Canada. The first increase in half a year. After six straight months of declines, the average monthly rent for all Canadian properties in May grew by 2% month-over-month to $1,708 according to Rentals.ca and Bullpen Research in their latest National Rent Report. This marks the first time the average monthly rental rate experienced its first month-over-month increase since October of last year.
After becoming such a competitive and pricy rental market, Toronto’s once sky-high rent costs took a nosedive across the board at the onset of the pandemic. But now that hope is finally on the horizon for a return to life as we knew it, it looks like the rental market is starting to return to life too. And, if all goes according to plan Canada will re-open its borders to further immigration, international students, and tourism. With this, rental rates are naturally expected to rise further.
According to the report, the demand for larger units remains as hot as ever as the average monthly rental rates for single-family homes continues to grow, increasing from $2,214 in January to $2,608 in May, a notable rise of 18% in that time span. Anecdotal evidence shows bidding wars, and tenants renting homes sight unseen, according to the report. Toronto finished second on the list for average monthly rent in May for a one-bedroom at $1,833 and for a two-bedroom at $2,455.
Bosley Real Estate Ltd. is a full-service boutique brokerage operating in Toronto, Muskoka, Niagara-on-the-Lake, Port Hope and Cambridge, Ontario since 1928. We have three centrally located offices in Toronto and over 250 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized internationally thanks to our unique affiliation with Leading Real Estate Companies of the World. Our sales teams meet weekly to discuss market conditions, trending topics, and anecdotes that more accurately reflect the true temperature of the real estate market..
HERE ARE THE TOP FIVE TRENDING STORIES OF THE WEEK:
“While Canada’s housing market remains undoubtedly active, there are signs of moderation for the second month in a row as demand, supply, and average prices all fell in May.”
“With the province officially under Stage 1 of its reopening plan, restaurant patios have finally reopened with a maximum of four patrons per table, and non-essential retailers can welcome customers back in their stores at 15% capacity.”
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