Are Toronto apartments expensive?

Text: TORONTO — After more than two years of reigning as the most expensive city in Canada to rent an apartment, Toronto has been dethroned. The last time Vancouver was the most expensive city in Canada to rent an apartment was back in June of 2018, according to PadMapper.

Are rents dropping in Toronto?

Data from the Toronto Regional Real Estate Board (TREB) shows an overall 16.8-per-cent drop in rental prices: before the pandemic, one-bedroom apartments rented for an average of $2,187. Two-bedroom units now go for $2,447 per month on average, compared to $2,812 a year ago.

Why are Toronto condos so expensive?

It is a simple equation of high demand and low supply = high prices. There is no land left in Toronto or the immediate adjacent communities for large housing developments.

Why rents are so high in Toronto?

WHY IS TORONTO RENT SO EXPENSIVE? Toronto’s vacancy rate is still very low, hovering around 1%. As more would-be buyers are priced out of the market, they are forced to live longer as renters. The lack of new rental supply during this period caused the vacancy rate to drop and the rents to rise.

Where can I rent a luxury apartment in Toronto?

Try our tenant screening, or post rental listings to Zumper, Craigslist Toronto, and more. We currently have 3,171 luxury apartments for rent in Toronto, ON. Zumper offers some of the best luxury apartments available in Toronto, ON, including some that are exclusive to Zumper.

What are the most luxurious condos in Toronto?

The Florian condo is also an example of some of the most luxurious residences and apartments that you’ll find in the entire country. Just like you’d expect with such an esteemed property, it comes complete with features such as Venetian plaster, pearl inlays, and marble floors. It’s one of the most unique condos Toronto has to offer.

How many upscale apartments are in Toronto?

If renting a life of luxury in Toronto, ON is what you’re after, we have great news: you have 61 upscale apartments are to choose from in 16 exquisite buildings.

How much does it cost to buy a condo in Toronto?

For a price of $15,800,000, it’s up there with the most expensive pieces of real estate in Toronto. The Florian condo is also an example of some of the most luxurious residences and apartments that you’ll find in the entire country.