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?
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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