Rental Trends - IOR Global Services
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Welcome to The Six, to Queen City, Hog Town, T-O, The Big Smoke, Hollywood North,
or probably most popularly known... Toronto!
Though it's technically not the nation's capital, Toronto leads Canada in many ways. The city is
Canada's top financial and business hub. Home to 2.8 million residents, it is also the largest city
in Canada and the fourth largest city in North America. It is ranked as one of the safest and most
livable cities in the world, making it a popular destination for expats. Toronto boasts a dynamic and
diverse metropolis, while fostering strong and safe neighborhoods, and robust community
engagement to boot.
Rental Trends
Toronto has become a destination for young
professionals. As a result, low vacancies and bidding
wars have drastically driven up rental rates. This trend
has continued since 2016, causing the market to
become dynamic and very fast-paced.
The average Toronto apartment will run
about $1250 CAD for one bedroom and
$1500 CAD for two bedrooms.
More rentals are being built and strategies are being
discussed to ease the rental market pressure. The city has also been cracking down on
companies like Airbnb in an effort to ease rental sticker shock. However for now, expect
some difficulties when searching for a rental home.
Where to Live
Every neighborhood has a distinct character and is known for different lifestyles and
environments. Doing some research in advance, and working with your DSP partner, can
help you discover which area will best suit your needs.
West Toronto and the downtown area includes the
financial district and much of Toronto's entertainment
and fashion industries. It is known for having a very
fast pace of life and will inevitably have more traffic
congestion. Young professionals often opt for this hip
area, filled with a variety of attractions and restaurant
choices. It is also on the more expensive side, with
one bedroom condos averaging at $1,900 CAD and
two bedrooms at $2,500 CAD.
East Toronto has a
quieter, more family-
oriented atmosphere and
is closer to suburban
areas. It is bike-friendly
and nearby to beaches
and more
historical districts of
Toronto. This area is close to downtown Toronto and using on e East Toronto offers a suburban
vibe, while still close to the
of many public transportation options to get downtown is much city-centre
easier than driving. Prices here range from $1,200 CAD for one
bedroom to $2,000 CAD for two bedroom.
North Toronto is one of the most vibrant and diverse
areas in Toronto. It is also family-friendly, with many
parks, playgrounds, sports and athletic fields, picnic
areas, tennis courts, nature preserves, etc. One
bedroom rentals tend to be around $1,600 CAD, two
bedroom around $2,200 CAD.
Tips for RMCs/HR & Assignees
Make sure assignees are prepared to make an
offer right away on a property, as listed rentals can
be snatched up within hours. If you wait overnight to
think about it, it may be gone in the morning. To
apply for a rental property, you must have
preparations
made:
1. Have references waiting (cell numbers are
preferable). This is a must.
2. Have a credit report ready to turn in to the potential landlord. This is also a must.
3. Have a confirmation of employment letter, which is required to rent anywhere in
Ontario. Make copies in case your first application is unsuccessful! You will hear back from
the landlord within 24 hours.
Once your assignee lands a rental property, he or she will be expected to provide the
first and last months' rent for the twelve-month lease upon move-in. It is common
practice to provide ten post-dated checks for the remaining months of the lease
and register for Hydro (Toronto's platform for tenancy-landlord transactions) and tenancy
insurance.
Local Insight for Assignees
Public Transit: Toronto Transit Commission (TTC) is North
America's third largest public transit system, making Toronto one
of very few North American cities where being without a car is not
a major inconvenience. Buses and streetcars are interconnected
by an underground subway system, and Zipcar is frequently
utilized in the downtown area as well.
Weather: In this city, variable conditions are to be expected.
Downtown temperatures average -3.8°C (25°F) in January, but the
extreme cold experienced further north typically lasts less than a
week at a time. Summer can be warm and humid with temps
reaching an average of 25°C (77°F). Not willing to brave the
Toronto's city parks offer elements? Not a problem! Take PATH, the underground system of
numerous escapes from tunnels to get you where you need to be without having to step
the city hustle outside. The system spans over 30 kilometers (19 miles) long.
Cottage Country: Canada is covered with hundreds
of beautiful lakes, and during the warm weather,
Canadians flock to "Cottage Country" as often as
possible. Popular areas outside of Toronto to rent or
own a cabin is in Muskoka, Kawartha Lakes and
Haliburton. During summer weekends, especially
holiday weekends, the highways can become quite
chaotic, dubbed the "Highway Blitz".
Social Scene: Quite The Georgian Bay in Muskoka
ironically, as much as
you'll pay for your
Toronto apartment - you're not going to want to spend any time in
it because there's simply so much to do! Toronto boasts a full
offering any time of year, this is the country's capital in food,
culture, sports, nightlife and entertainment.
In addition, being in one of the most diverse cities in the world
allows for incredible culture at just about every turn. Enjoy divine
You could say Torontonians Portuguese Pastel de nata at the St. Lawrence Market, before
can be quite passionate heading to an award winning Russian Symphony at Roy
about their teams... hockey Thompson Hall, and go out for Dim Sum afterwards in the city's
in particular expansive Chinatown.
Moving To Toronto?
IOR Global Services is a leading expert in relocation to Toronto.
Contact us to learn more about our services!
IOR Global Services | www.iorworld.com
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