Toronto rental prices show first signs of cooling down
As Toronto home sales continue to tumble, the rental market might finally be slowing down too. After the average price for a one bedroom apartment saw months and months of steady increases, July rates have nearly flatlined.
According to Padmapper's monthly tally, the average price of a one bedroom apartment clocks in at $1,800 this month, which is up from $1,790 in June for a 0.6 percent increase.
This wouldn't be much to get excited about if it wasn't for the fact that the cost of a one bedroom in Toronto has already risen $300 so far this year. If rental prices level off, that's good news for apartment hunters out there who face a downright scary market.
The bad news for prospective renters is that two bedroom units have continued to climb at rates we're familiar with. These apartments jumped by 3 percent to reach $2,430 this month, though that number trails well behind Vancouver's national leading cost of $3,230 per month.
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