As rental housing market recovers, bidding wars erupt in the Toronto area
CA, 16 Jul 2021
A Toronto realtor says bidding wars are now a feature of of the rental market for families in the Greater Toronto Area, as people flee the downtown core in search of more space.
In fact, the price of a one-bedroom rental in Barrie, Ontario has actually surpassed the price of a similar unit in Toronto, moving into 3rd place nationally behind Vancouver and Burnaby according to one ranking metric.
Across the country, average rental rates have climbed for two months in a row, but it's a different story for smaller units. Landlords in Toronto, Montreal, and elsewhere are offering various incentives for smaller rental units in these cities.
For condo owners, that same rental recovery may be a boost as they haven't seen their investments keep pace with the housing market.
Anne Gaviola has more.
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