toronto apartments

Toronto's rental market is downright scary right now

By now we're familiar with the flux of the Toronto housing market, but renters have become familiar with a more stable narrative: it's downright scary trying to find an apartment in this city.

A new report published by the Ryerson City Building Institute and Evergreen shows just how dire the state of Toronto's rental market is. The current vacancy rate sits at just 1.4 percent. Housing advocates argue that anything under 3 percent is unhealthy.

The report indicated that the city would need to build at least 8,000 new rental units per year if it wants to reclaim a healthy vacancy rate.

With approximately 90,000 people moving to Toronto each year and the average price for a one bedroom currently hovering around $2,000, that's a tall order. Best case scenario, the report notes, it may take five to 10 years to get back into the green.

The rental market has been in crisis mode for some time now, and affordability in the city is at an all time low. It's a difficult time for anyone who isn't wealthy and from what it looks like, the rental shortage is going to put the city and provincial government to task.

The province has already put measures in place intended to restore balance, but many are already looking for ways to bypass the regulations, and there simply isn't enough affordable housing to fill the gap.

The province has unlocked lands to build more units, and there may be a future in laneway homes, but for now the situation is dire.

Lead photo by

Derek Flack


Latest Videos



Latest Videos


Join the conversation Load comments

Latest in City

Video shows passengers evacuating Delta plane after crash at Toronto airport

Delta plane flips over in crash at Pearson airport in Toronto

Homes taken over by Metrolinx for new Toronto subway will soon be demolished

What's open and closed on Family Day 2025 in Toronto

Gardiner Expressway construction faces new hiccup with upcoming lawsuit

Law-breaking Toronto driver stopped by cops during live news broadcast

Second Toronto storm could bring another 30 cm of snow

Toronto is about to make it a lot easier to visit the Scarborough Bluffs