It looks like the demand for rental apartments in downtown Toronto is taking another major hit. According to the latest report from Canadian rental website liv.rent, average prices for furnished and unfurnished units in the downtown core are much cheaper right now than in December.
In the downtown area, the average price of a one-bedroom furnished unit fell dramatically by -25.27% from December to January. Unfurnished units also saw a significant decline of -16.37%.
This brings the current price to $1,827 per month for a furnished single bedroom unit in Toronto. By comparison, the average was $2,184 in December.
Other cities in the GTA saw prices decline as well, including Brampton at -7.34% and Mississauga at -25.26%. Currently, a furnished one-bedroom in Brampton costs around $1,417 and $1,485 in Mississauga.
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“The average price for furnished one-bedroom units in both Brampton and Mississauga is less than $1,500 this month, making them the two most affordable rental options for those looking for a one-bedroom,” the report says.
Brampton is consistently known for being the most affordable city to rent in the GTA. Outside of the GTA, however, the cheapest city remains Niagara Falls where the cost for an unfurnished one-bedroom is $1,196 per month on average.
While these prices are definitely the best you’re going to get for a one-bedroom anywhere near Toronto, you could always score even better prices in cities outside of the GTA.
In fact, so many Canadians are moving to cities like North Bay, Belleville, and Greater Sudbury that these three cities were some of the most popular places that people moved to in 2021, according to U-Haul’s latest report.
But, if you’re looking for affordability without leaving the city limits, you may want to take advantage of downtown Toronto’s plummeting prices.