Breakdown: Renting in Toronto vs. Vancouver

Citizens of Toronto and Vancouver – everywhere, really, but especially here – complain about rent for sport.

And who can blame them? Finding a place is insanely difficult, and the price you pay for your box in the sky is nearly unjustifiable.

So, which city has it worse?

toronto vs vancouver

Image: The Huffington Post

Vancouver’s the easy answer given its reputation as a real estate nightmare, but Toronto’s become a pretty difficult place to find vacant, affordable housing as well – especially after Vancouver introduced its effective Foreign Buyer Tax.

A recent report by the Canada Mortgage and Housing Corporation shows how Toronto and Vancouver stack up when it comes to renting real estate. A few key comparisons…

Average overall vacancy rate:
Toronto: decreased to 1.3 per cent
Vancouver:  decreased to 0.7 per cent

Average rent:
Toronto: $1,233
Vancouver: $1,223

Average rent increase since Oct 2015:
Toronto: up by 3.1 per cent
Vancouver: up by 6.4 per cent

Average rent of bachelor:
Toronto: $957
Vancouver: $1,013

Average rent one bedroom:
Toronto: $1,132
Vancouver: $1,159

Average rent two bedroom:
Toronto: $1,327
Vancouver: $1,450

Average rent three or more bedroom:
Toronto: $1,515
Vancouver: $1,631

While Vancouver’s still generally a more unpleasant place to rent, Toronto’s doing a hell of a job of closing the gap.

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