Current Rental Market Overview

The Annex: Premium Urban Living

As of July 2025, The Annex commands a median rent of $2,250 for all bedroom types, representing a 15% premium over the national average. The South Annex area sees even higher rents at $2,800 median, though this represents a 9% decrease compared to the previous year, reflecting broader market cooling trends.

The broader Toronto rental market has experienced significant shifts, with average one-bedroom rents in the city dropping by $91 year-over-year to $2,148 as of May 2025. Greater Toronto Area condominium apartment rentals became more affordable in Q2 2025, with average one-bedroom rents down 5.1% to $2,326.

Market Trends and Opportunities

The current rental market presents opportunities for renters, particularly in The Annex where luxury meets accessibility. Strong inventory levels have given renters substantial negotiating power with landlords due to a very well-supplied marketplace. This buyer’s market environment means potential tenants can often negotiate better terms, reduced rents, or additional amenities.

For those seeking apartments for rent in Toronto, understanding these market dynamics is crucial for securing the best possible rental arrangements.

The Annex: Where History Meets Modernity

Neighborhood Character

The Annex stands as one of Toronto’s most prestigious residential areas, offering a perfect blend of Victorian architecture and contemporary urban amenities. This tree-lined neighborhood is characterized by its historic homes converted into apartments, modern condominiums, and a sophisticated cultural atmosphere.

Key Features of The Annex

Architectural Heritage: The neighborhood boasts stunning Victorian and Edwardian houses, many converted into spacious apartments that retain their historic charm while offering modern conveniences.

Prime Location: Strategically positioned between downtown Toronto and midtown, The Annex provides easy access to the city’s business districts while maintaining a residential feel.

Cultural Hub: Home to numerous galleries, theaters, and cultural institutions, making it ideal for arts enthusiasts and cultural professionals.

Transportation and Accessibility

The Annex offers excellent connectivity through multiple subway stations including Spadina, St. George, and Bay stations on the Bloor-Danforth Line. This makes commuting to downtown Toronto, the University of Toronto, or other parts of the GTA convenient and efficient.

Residents also benefit from extensive streetcar routes along major arteries like Spadina Avenue and College Street, providing additional transportation options for daily commutes and weekend exploration.

Amenities and Lifestyle

Shopping and Dining: Bloor Street West serves as the neighborhood’s main commercial strip, featuring upscale boutiques, cafes, and restaurants. The area is particularly known for its diverse dining scene, from casual bistros to fine dining establishments.

Green Spaces: Proximity to major parks including Queen’s Park and Philosopher’s Walk provides residents with ample outdoor recreation opportunities within walking distance.

Educational Institutions: The University of Toronto’s main campus borders The Annex, making it particularly attractive to students and faculty seeking quality housing near campus.

Rental Property Types in The Annex

1. Heritage Conversions: Historic homes converted into apartments, offering unique layouts and character features
2. Modern Condominiums: New construction buildings with contemporary amenities and layouts
3. Mid-rise Apartments: Purpose-built rental buildings from various eras
4. Basement Apartments: More affordable options in converted houses

Kensington Market: Bohemian Heart of Toronto

Neighborhood Character

Kensington Market represents Toronto’s bohemian soul, designated as a National Historic Site for its cultural significance. This eclectic neighborhood is renowned for its artistic community, diverse food scene, and unique shopping experiences that attract both residents and visitors from around the world.

Cultural Significance and Atmosphere

Artistic Community: The area serves as home to numerous artists, musicians, writers, and creative professionals who contribute to its vibrant cultural landscape.

Multicultural Heritage: Reflecting waves of immigration, the neighborhood showcases influences from Jewish, Portuguese, Caribbean, and Latin American communities.

Alternative Scene: Independent shops, vintage stores, and alternative businesses create a unique retail environment unlike anywhere else in Toronto.

Transportation in Kensington Market

While Kensington Market doesn’t have direct subway access, it’s well-served by public transit:

• Dundas West Station: Approximately 10-minute walk
• Spadina Station: Short streetcar ride on the 510 Spadina line
• College Station: Accessible via College Street streetcar

The neighborhood’s central location makes it walkable to many downtown destinations, and the extensive streetcar network provides excellent connectivity across the city.

Unique Amenities and Attractions

Kensington Market: The neighborhood’s namesake market offers fresh produce, specialty foods, vintage clothing, and artisanal goods in a vibrant outdoor market setting.

Diverse Dining: From authentic ethnic cuisine to innovative fusion restaurants, the area provides unparalleled dining diversity within a few square blocks.

Live Music Venues: Multiple venues host live music, from intimate clubs to larger performance spaces.

Proximity to Chinatown: Adjacent to one of North America’s largest Chinatowns, expanding dining and shopping options.

Rental Options in Kensington Market

Recent data shows the average monthly rent in Kensington Market is up 17.25% compared to last month but down 14.71% year-over-year, indicating market volatility but also potential opportunities for renters.

Available Property Types:

• Converted heritage buildings with character apartments
• Artist lofts and creative spaces
• Small apartment buildings
• Shared accommodations popular among students and young professionals
• Basement apartments and rooming houses

For those interested in exploring pet-friendly apartments, many Kensington Market properties welcome pets, recognizing the neighborhood’s laid-back, inclusive atmosphere.

Comparing The Annex vs. Kensington Market

Price Points and Value

The Annex: Generally commands higher rents due to its upscale location and proximity to major transit lines. Expect to pay premium prices for the convenience and prestige.

Kensington Market: Offers more affordable options, particularly appealing to artists, students, and young professionals seeking character and community over luxury amenities.

Lifestyle Considerations

The Annex:

• More suited for professionals and those seeking upscale urban living
• Excellent for those working downtown or at University of Toronto
• Family-friendly with good schools and parks nearby
• Quieter residential atmosphere

Kensington Market:

• Perfect for creative individuals and those seeking cultural immersion
• Ideal for those who value community and artistic expression
• More transient population with students and young professionals
• Vibrant nightlife and 24/7 energy

Transit and Commuting

Both neighborhoods offer excellent transit access, though The Annex has more direct subway connections. Kensington Market relies more heavily on streetcar networks but remains highly accessible.

Practical Tips for Apartment Hunting

Best Times to Search

Based on market trends, the optimal apartment hunting periods are:

• Late fall/winter: More inventory and landlord flexibility
• Early spring: Before summer moving season increases competition
• Mid-month: Avoiding month-end rushes when most leases begin

What to Look For

In The Annex:

• Heritage details and character features
• Proximity to subway stations
• Building amenities and maintenance quality
• Noise levels (some streets can be busy)

In Kensington Market:

• Natural light (some buildings can be darker)
• Parking availability (street parking can be challenging)
• Building security and condition
• Noise tolerance (vibrant area with nightlife)

Budgeting Considerations

Beyond monthly rent, factor in:

• Utilities: May not be included in rent
• Parking: Can add $100-200+ monthly in The Annex
• Transit costs: TTC monthly passes for daily commuting
• Lifestyle expenses: Dining and entertainment costs vary significantly between neighborhoods

Living Costs and Budgeting

Monthly Expenses Beyond Rent

Utilities:

• Electricity: $50-100/month depending on apartment size and usage
• Internet: $50-80/month for high-speed connections
• Water/heating: Often included in rent but verify beforehand

Transportation:

• TTC Monthly Pass: $156 (adult)
• Parking: $150-250/month in The Annex; $75-150 in Kensington Market
• Bike storage/maintenance: $20-50/month if cycling

Lifestyle Costs:

• Groceries: $300-500/month per person
• Dining out: $200-800/month depending on habits
• Entertainment: $100-300/month

For comprehensive budgeting assistance, consider using RentSeeker.ca’s resources for apartment life planning and cost estimation tools.

Future Development and Investment Potential

The Annex Development Trends

The Annex continues to see strategic development that balances heritage preservation with modern housing needs. Recent projects focus on:

• Heritage building conversions maintaining architectural integrity
• Mid-rise developments that respect neighborhood scale
• Improved pedestrian infrastructure and green spaces

Kensington Market Evolution

While maintaining its bohemian character, Kensington Market faces pressures from gentrification. Current trends include:

• Careful preservation of market atmosphere while improving infrastructure
• New housing projects designed to maintain affordability
• Enhanced public spaces and cultural facilities

Long-term Market Outlook

With Toronto’s housing market showing early signs of recovery and improved affordability thanks to lower borrowing costs, both neighborhoods remain attractive for long-term residence. The unique character and central locations of both areas suggest continued demand and value retention.

Seasonal Considerations

Summer Living

• The Annex: Tree-lined streets provide natural cooling; proximity to parks ideal for outdoor activities
• Kensington Market: Vibrant summer festivals and outdoor events; market atmosphere at its peak

Winter Comfort

• The Annex: Heritage buildings may require higher heating costs; excellent indoor cultural activities nearby
• Kensington Market: Cozy indoor venues and restaurants provide warm gathering spaces; potential heating challenges in older buildings

Community Resources and Services

Healthcare

Both neighborhoods offer excellent access to healthcare:

• Toronto Western Hospital: Easily accessible from both areas
• University Health Network: Multiple facilities nearby
• Walk-in clinics: Numerous options throughout both neighborhoods

Education

• University of Toronto: Primary campus adjacent to The Annex
• OCAD University: Close to both neighborhoods
• Public and Catholic schools: Available for families with children
• Adult education: Continuing education opportunities abundant

Shopping and Services

• The Annex: Bloor West offers major retailers and services; Honest Ed’s legacy area development
• Kensington Market: Unique independent shops; specialty food markets; vintage and thrift stores

Safety and Security

Neighborhood Safety

Both areas are generally considered safe, with regular police patrols and active community involvement:

The Annex:

• Well-lit streets and regular foot traffic
• Active neighborhood watch groups
• Good emergency services access

Kensington Market:

• Community-oriented safety initiatives
• Busy streets with natural surveillance
• Some areas may be quieter late at night

Security Tips

• Choose buildings with secure entry systems
• Verify lighting around potential apartments
• Research building security measures and policies
• Connect with neighbors and community groups

Final Recommendations

Choose The Annex If You:

• Prioritize convenience and upscale amenities
• Work downtown or at University of Toronto
• Prefer quieter residential atmosphere
• Value heritage architecture and tree-lined streets
• Don’t mind paying premium prices for prime location

Choose Kensington Market If You:

• Seek vibrant cultural immersion
• Value artistic community and creativity
• Prefer more affordable rental options
• Enjoy diverse food scenes and nightlife
• Want to be part of Toronto’s bohemian heart

Universal Tips for Both Neighborhoods:

1. Start your search early: Quality apartments move quickly in both areas
2. Verify all lease terms: Understanding tenant rights and responsibilities
3. Inspect thoroughly: Check for maintenance issues and building conditions
4. Research building management: Reviews and reputation matter
5. Consider long-term goals: Both neighborhoods offer different lifestyle trajectories

Conclusion

The Annex and Kensington Market represent two of Toronto’s most distinctive rental markets, each offering unique advantages for different lifestyles and priorities. The Annex provides upscale urban living with excellent transit connections and cultural amenities, while Kensington Market offers bohemian charm and cultural immersion at more accessible price points.

With current market conditions favoring renters through increased inventory and negotiating power, now represents an excellent opportunity to secure quality housing in either neighborhood. Whether you choose the sophisticated elegance of The Annex or the artistic vibrancy of Kensington Market, both areas provide authentic Toronto living experiences that combine urban convenience with distinctive community character.

For those ready to begin their apartment search, RentSeeker.ca offers comprehensive listings and resources to help find the perfect rental in these exceptional Toronto neighborhoods. Take advantage of current market conditions and discover your ideal home in York Toronto’s most captivating communities.

Ready to start your apartment hunt? Explore our extensive listings of apartments for rent in Toronto and discover your perfect home in The Annex or Kensington Market today. Our platform provides detailed property information, photos, and direct contact with landlords to streamline your rental search.

Richmond, British Columbia stands as one of North America’s most fascinating rental markets, where East meets West in perfect harmony. Known as “North America’s most Asian city,” this vibrant community offers renters an authentic multicultural experience while maintaining competitive pricing and excellent connectivity to Vancouver. Whether you’re a young professional seeking your first apartment or a family looking for space to grow, Richmond’s rental market has evolved into a sophisticated ecosystem that caters to diverse needs and budgets.

Current Rental Market Overview: Competitive Pricing in 2025

The Richmond rental market has shown remarkable stability and affordability compared to its neighboring cities. As of June 2025, the average rent in Richmond, BC was C$2,003-$2,700/month, representing a 4.6% decrease from the previous year, making it increasingly attractive for budget-conscious renters.

Rental Price Breakdown by Property Type

Studio Apartments: $1,950 – $2,500 1-Bedroom Units: $1,480 – $2,500
2-Bedroom Apartments: $2,500 – $3,150 3-Bedroom Units: Starting from $2,743

According to the latest Rentals.ca report, Richmond ranks among the four most expensive markets in BC alongside North Vancouver ($3,117), Burnaby ($2,707), and Coquitlam ($2,706). However, when compared to Vancouver’s significantly higher prices, Richmond offers excellent value for money.

Income Requirements: To comfortably afford the average Richmond rent of $2,003, you’ll want to earn approximately $6,676 per month or $80,112 annually, following the standard 30% rent-to-income ratio.

For current rental listings and personalized apartment searches, explore our apartment finder tool to discover your perfect Richmond home.

Richmond: Canada’s Premier Asian Community Hub

What truly sets Richmond apart is its extraordinary cultural diversity, particularly its thriving Asian community. Approximately 54.55% of Richmond residents identify as having Chinese ancestry, with East Asian Canadians making up a majority of the city’s population. With 74% of Richmond’s population being ethnically Chinese, geographers refer to the city as one of the world’s most “hyper-diverse” urban centers.

Cultural Richness and Authentic Living

The 2021 census found that English was spoken as mother tongue by 31.31% of the population, with Cantonese (21.52%) and Mandarin (21.08%) following closely. This linguistic diversity creates an authentically international atmosphere that attracts renters from around the world.

What Makes Richmond Special:

• Over 800+ Asian restaurants offering authentic cuisine from dumpling shops to bubble tea bars
• Major cultural celebrations including Lunar New Year festivals with city-wide decorations and events
• Multiple Asian-focused shopping centers including Aberdeen Centre and Parker Place
• Buddhist temples like the International Buddhist Temple and LingYen Mountain Temple

Learn more about multicultural living in Canada and how to find communities that match your cultural preferences.

Top Neighborhoods for Renters in 2025

Richmond’s diverse neighborhoods each offer unique advantages for different renter demographics. Here’s your guide to the best areas:

1. Brighouse – The Urban Core

Why Choose Brighouse: Located in Richmond’s city center, Brighouse offers the perfect blend of urban amenities and suburban comfort.

Rental Characteristics:

• Mix of high-rise condos and townhomes
• Lower-priced than Vancouver while offering city center amenities
• Excellent for first-time buyers and young professionals

Key Amenities:

• Steps from Richmond Centre shopping mall
• Direct Canada Line SkyTrain access
• Richmond City Hall and civic services
• Multiple schools including Brighouse Elementary

Ideal For: Young professionals, first-time renters, those wanting urban convenience

2. Steveston Village – Historic Charm

Why Choose Steveston: This historic fishing village combines charming shops, waterfront dining, and picturesque views, offering a unique blend of history and modern amenities.

Rental Characteristics:

• Mix of heritage homes converted to rentals and modern developments
• Family-friendly atmosphere with strong community feel
• Higher price point but excellent value for waterfront proximity

Key Amenities:

• Historic Steveston Village with unique shops and restaurants
• Waterfront access and scenic walking trails
• Rich Japanese-Canadian heritage sites
• Annual festivals and community events

Ideal For: Families, history enthusiasts, those seeking waterfront lifestyle

3. Terra Nova – Family Paradise

Why Choose Terra Nova: Terra Nova is known for safety, green spaces, and strong sense of community, making it ideal for families.

Rental Characteristics:

• Primarily townhomes and family-oriented complexes
• Resort-style amenities in many developments
• Newer construction with modern features

Key Amenities:

• Terra Nova Adventure Playground
• Multiple parks and recreational trails
• Top-rated schools including Spul’u’kwuks Elementary
• Save-On Foods and local shopping plaza

Ideal For: Families with children, those seeking suburban tranquility, outdoor enthusiasts

4. Golden Village – Cultural Hub

Why Choose Golden Village: Incredible food, good shopping opportunities, and proximity to transit make Golden Village an attractive choice for young people to lay down their roots.

Rental Characteristics:

• Dense concentration of high-rise apartments and condos
• Authentic Asian dining and shopping experiences
• Competitive pricing for central location

Key Amenities:

• Alexandra Road, affectionately called “food street” by locals
• Multiple Asian shopping malls
• Excellent transit connectivity
• Cultural centers and community spaces

Ideal For: Young professionals, food enthusiasts, those seeking authentic Asian culture

5. West Cambie – Modern Living

Why Choose West Cambie: Newer development area with modern amenities and excellent connectivity.

Rental Characteristics:

• Newest rental stock with contemporary features
• High-rise and mid-rise options
• Premium pricing for latest amenities

Key Amenities:

• Modern shopping centers
• Canada Line accessibility
• Newer recreational facilities
• Professional services and business centers

Ideal For: Professionals, those wanting modern amenities, transit-dependent renters

Use our neighborhood comparison tool to explore specific rental options in each area and find the perfect match for your lifestyle.

Transportation and Connectivity: Your Gateway to Metro Vancouver

Richmond’s strategic location makes it a commuter’s dream, offering multiple transportation options:

SkyTrain Canada Line

The Canada Line forks through Richmond, with one branch running to Vancouver International Airport and another terminating at Richmond-Brighouse Station. Monthly passes cost $131 for travel between Richmond (Zone 2) and Vancouver (Zone 1).

Bus Network

Comprehensive TransLink bus system connects all neighborhoods and fills gaps between SkyTrain stations.

Airport Access

Direct connection to Vancouver International Airport makes Richmond ideal for frequent travelers and international students.

Highway Access

Strategic highway connections provide easy access to downtown Vancouver, Surrey, and other Metro Vancouver communities.

For detailed transit information and route planning, visit our transportation guide for renters.

Market Trends and Investment Outlook

The Richmond rental market shows strong fundamentals for 2025:

Positive Market Indicators:

• 4.6% rent decrease over the past year, making it more affordable
• Three-bedroom purpose-built rentals showing 3.9% growth, indicating family demand
• Strong population growth from immigration
• Continued infrastructure investment

Supply and Demand Balance:

• Net gain of 15,140 Chinese residents since 2011, indicating continued cultural draw
• New rental construction in key neighborhoods
• Stable vacancy rates supporting landlord investments

Future Outlook:

Richmond’s rental market benefits from its unique position as both a cultural destination and practical choice for Metro Vancouver living. The combination of authentic Asian culture, competitive pricing, and excellent connectivity ensures continued demand from diverse renter demographics.

Tips for Renting in Richmond

For New Residents:

1. Language Considerations: While English is widely spoken, learning basic Cantonese or Mandarin phrases can enhance your experience
2. Cultural Integration: Participate in community festivals and visit local markets to fully experience Richmond’s culture
3. Transportation Planning: Consider proximity to Canada Line stations for easy Vancouver commuting

For Families:

1. School Districts: Research Richmond School District programs and language immersion options
2. Recreation Access: Explore the 140+ parks and recreational facilities
3. Community Programs: Engage with multicultural community centers and family services

For Young Professionals:

1. Networking Opportunities: Join cultural associations and professional groups
2. Food Scene Exploration: Take advantage of the incredible Asian restaurant variety
3. Career Development: Consider proximity to both Richmond’s tech sector and Vancouver’s business district

Ready to start your Richmond rental search? Browse our extensive Richmond listings and connect with trusted landlords today.

Why Choose Richmond for Your Next Rental

Richmond offers a unique combination that’s hard to find elsewhere in Canada:

Cultural Authenticity: Unlike tourist-focused Chinatowns, Richmond provides genuine cultural immersion with 74% Chinese population creating authentic language, festivals, and community vibes.

Economic Value: Competitive rental prices compared to Vancouver while maintaining excellent amenities and services.

Connectivity: Strategic location providing easy access to Vancouver, airport, and regional destinations.

Diversity: Beyond its Asian majority, Richmond welcomes residents from around the world, creating a truly international community.

Growth Potential: Continued investment in infrastructure and amenities makes Richmond an increasingly attractive place to call home.

Conclusion: Your Richmond Rental Journey Starts Here

Richmond BC represents one of Canada’s most unique rental opportunities, combining authentic multicultural living with practical advantages like competitive pricing and excellent connectivity. Whether you’re drawn by the incredible food scene, the cultural richness, or simply the value proposition compared to Vancouver, Richmond offers something special for every renter.

The 2025 rental market conditions favor tenants, with decreased prices and stable supply creating opportunities for those ready to experience this remarkable community. From the urban sophistication of Brighouse to the family-friendly appeal of Terra Nova, Richmond’s neighborhoods provide options for every lifestyle and budget.

Ready to discover your perfect Richmond rental? Explore our comprehensive apartment listings today and take the first step toward experiencing one of North America’s most vibrant multicultural communities. Our platform connects you with verified landlords, detailed property information, and the tools you need to make your Richmond rental search efficient and successful.

Start your Richmond rental journey with RentSeeker.ca – Canada’s trusted apartment finder connecting renters with their perfect homes since day one.

This article was last updated in July 2025. Rental prices and market conditions may vary. For the most current listings and rental opportunities in Richmond BC, visit RentSeeker.ca.

The economic and social effects of the pandemic have caused a seismic shift in the rental market. As Canadians across the country continue to deal with the challenges of Covid-19, many are wondering what the impact will be on prices and demand. RentSeeker is providing insights and predictions for what can be expected in the rental market moving forward along with apartment resources for renters during these challenging times. 

Image Source – https://www.freepik.com/premium-photo/toronto-skyline-night_6605875.htm

Impact To Date

Covid-19 had a colossal impact on the rental market over the past year. In the most extreme cases, rental condo unit prices in downtown Toronto were down 20% year-over-year as of November 2020. Other sources have shown that overall, all types of rental listings are down in price 7.1% annually as of January 2021.

The following chart shows the average rent price and annual change for all types of rental properties over the past year. Between May and December of 2020, rental prices were 8% lower on average year-over-year. 

Various apartment finders across Canada, for example, Canada’s #1 Apartment Finder, RentSeeker.ca has a REAL-TIME Average Rent Costs Page (for both Renters & Landlords), so they can view what REAL-TIME Apartment Prices are, you can check out RentSeeker.ca’s Average Rents Across Canada Page here:

https://www.RentSeeker.ca/average-rent-prices-canada

Average Rents for Apartments across Canada in Real-Time on RentSeeker.ca

Other rental websites, showing rental data; includes CMHC, 4rent, and other rental websites, including rentals, zumper and Zillow & more.

Last January was a long time ago. At the start of last year, the outlook for the rental market was very competitive as vacancy rates hit all-time lows. Renters faced bidding wars for the few units that were available, and prices were predicted to rise along with demand. This January, the outlook is very different with both metrics reversed. Prices are lower and so is demand, which could lead to a further reduction in prices over the next few years while vacancy rates continue to increase. Simply put, there are no indicators (despite the release of the vaccine) that this trend will stop anytime soon.   

Renters and landlords are experiencing new challenges adapting to evolving regulations and market demand is rapidly changing. Families are migrating to the suburbs in search of space, and once highly sought after downtown condos are sitting vacant for months. It wasn’t that long ago that a year lease would never include a month (or two) of free rent. 

Source – https://www.rentseeker.ca/rent/apartment/ontario/toronto/5380/355-st-clair-avenue-west

Over the past few years, the Canadian rental real estate market has grown exponentially, with demand (and prices) for downtown units skyrocketing. After multiple years of new highs, 2021 will see new lows for many segments of the rental market. This is in staunch contrast to the real estate market as a whole which is expected to hit new highs in 2021. 

The CREA just announced that national home sales set another all-time record in December 2020. The following chart visually shows how active the real estate market has been over the last year. 

Source – https://creastats.crea.ca/en-CA/

Changes in Renter Demographics

Renter preferences changed overnight once Covid-19 hit. With prices reaching all-time highs over the past few years, many renters have been considering options outside of major cities. The exodus has officially started, and for the first time in many years, demand for rental condo units has declined significantly. A tidal wave of vacant units has swept over downtown cores and there are deals to be found in areas that previously had record low vacancy rates. 

Renters Market

Renters are in the driver’s seat for the first time in years. Toronto’s vacancy rates for apartments built in the last 15 years (since 2005) hit 5.7% this month, the highest level for the city in the last 50 years. 

The December Rentals.ca Rent Report showed that rental prices for all property types were down 9.1% annually in November 2020. Condos were the hardest hit property type with the average rent price falling just over 19%. 

If you are thinking about moving, now is a great time to consider your options as landlords compete for quality renters. There are discounted apartments for rent in Toronto and there are deals to be found across the country. For more information, renters can also check out our guide to average rent prices in Canada to help gauge the current market.

Benefits To Those In the Market

Through the challenges of the pandemic, there have arisen opportunities for those who are currently in the market for a new rental property. Maria B, a 31-year-old IT worker who saw their job transition to a fully remote position has decided to upgrade from a basement unit to a condo. Between the savings from not commuting and reduced entertainment expenses, she decided that now is a great time to upgrade and invest more of her monthly income towards her home.

“I’m able to afford a rental unit in a very desirable area of the city now. I’m thinking long term, and getting a month of free rent”. A year ago Maria would have had a lot of competition for units that are now reduced in cost. 

Space in the Suburbs

Space is a very precious commodity right now. With lockdown regulations in place, your home is truly your palace. The desire for larger homes and backyard living space has driven families back to the suburbs. Real estate prices have exploded in areas outside the GTA and demand for rental units outside of the city is increasing as well. These factors have contributed to lower demand for city units and prices have dropped accordingly. 

David C is a realtor in Barrie with an office in Toronto. “I’ve never seen demand like this for areas outside of the city” and continues to say “I expect to see this pattern continue as families, and remote workers, in particular, are realizing the benefits of more space and comfort outside of the city”.

Remote Work

The shift to remote work has accelerated exponentially since the pandemic. Once considered a lifestyle trend, remote work is the new reality for many people and businesses. Office buildings are sitting empty and as more companies adopt remote work scenarios, continue to see demand in downtown city cores decrease across the country. 

Those who are now working from home are reconsidering their living spaces. Small condos are no longer favourable options and demand for single-family homes and detached homes have driven bidding wars. 

Closed Borders & Immigration

Immigration is an essential component of the Canadian economy and continues to be one of the most important factors affecting demand in the Canadian housing market. Global health concerns have brought immigration to a halt, severing the supply of renters that were once a vital contributor to the housing market. These changes have further contributed to the flood of available condo units on the market for sale and for rent. 

No Tourism & The Increase in Available Rental Units

Most countries’ borders are closed, meaning travel and tourism has ground to a halt and most likely will be banned for the foreseeable future along with travel restrictions. A lack of tourists has put a dent in the Canadian economy and employment rates. Tourism is a major part of the economy and accounted for 2% of Canada’s GDP in 2019 and over 750 000 jobs. The lack of tourism has contributed to lower rental prices in several ways. 

Airbnb units sat vacant for months on end, and eventually, many owners transitioned them into long term rental units. As a result, the market was flooded with units that previously were in the Airbnb system, contributing to lower prices and increased supply for renters. As the pandemic drags on, more short-term rental unit owners will be dealing with surmounting debt, contributing to the swelling supply of rental units and condo units for sale. The supply of Airbnb units hitting the market has had a dramatic impact on housing in Toronto, as reported by the CBC. 

Secondly, there is a large number of people who have and will continue to struggle with employment that works in tourism or directly related industries. As a result of no tourism, there are fewer renters looking for places in popular entertainment areas and downtown cores. 

Image Source – https://www.freepik.com/free-photo/low-angle-shot-buildings-harbourfront-toronto-canada_10292907.htm

Changes & Challenges for Landlords

To fully understand the changes going on in the rental market, it’s important to analyze the perspective of landlords and property owners who are facing their own challenges. 

Danny works for a property management company in Toronto’s downtown core and stated that over the past half-year, in particular, the oversupply of rental units compounded with the lack of renters has created a market never seen before. “Before the pandemic there used to be 10 applicants for every property. Now there seem to be 10 properties for every renter”.

To navigate the challenges of 2021 and beyond, property owners will have to face difficult choices. Many have opted to lower prices, and others have incentivized renters with one or two months of free rent. 

Rent Freeze

It’s important to highlight that many provincial governments imposed regulations to freeze rent increases in 2021 in an effort to help protect renters. Ontario introduced legislation to freeze rent prices in 2021 and other provinces have introduced similar legislation. We can expect that in the years following 2021, annual increases will be regulated in efforts to help both renters and property owners. 

Freezes on Evictions

Freezes on evictions have left many properties in a state of limbo. To further compound many situations, legal processes have been slow or temporarily stopped due to the pandemic. Over the summer the Protecting Tenants and Strengthening Community Housing Act was introduced to help ease the situation. Essentially landlords are being encouraged to negotiate repayment agreements with their tenants instead of seeking evictions if rent payments cannot be paid due to COVID-19 implications. 

Showings Are Not the Same

Nothing will motivate prospective renters like a good showing. With current lockdown regulations in place, landlords have to utilize new tactics to sell renters on their units and increase exposure. The transition to a digital real estate environment has accelerated in the age of the pandemic, and here at RentSeeker, we’re helping landlords embrace the change. 

RentSeekers offers industry-leading apartment and real estate marketing solutions for landlords who are experiencing challenges with vacant properties. 

Unemployment

With many Canadians struggling with employment, finding quality applicants is very challenging and will be for months to come. Without full employment, it’s complicated to complete a rental agreement and unfortunately, many Canadians are dealing with unemployment or reduced income. The following graph shows the employment percentage change for Canadians over the past year

Source – https://www150.statcan.gc.ca/n1/pub/71-607-x/71-607-x2020009-eng.htm

Moving Forward

There is no shortage of challenges moving forward for renters. Safety and health concerns will continue to lower demand for rental apartments in densely populated cities contributing to decreases in prices. Landlords will have to continue to offer favourable prices and incentives for renters. 

Contributing to the vacancy rates is the number of new units hitting the market. Over the past few years, condo building construction has increased, with Toronto trailblazing a new path. Not only does Toronto have the most number of active cranes of any city in North America, but the figures are so high that it’s estimated that 30% of all cranes in North America are currently in Toronto. 

Despite the daunting challenges ahead, the real estate market is predicted to steadily increase throughout the year. The Canadian Real Estate Association predicts the average home prices to increase by 9.1% in 2021. Some predictions are calling for a record year ahead, complete with bidding wars and buyers taking advantage of record-low mortgage rates, according to RBC Senior Economist Robert Hogue in this report. 

When a large tree falls in a forest it leaves behind a path of destruction. The force of a large tree falling will create a large hole in the canopy known as a tree fall gap. Within the wake of the damage arises the opportunity for smaller plants and trees to thrive in the short term until the canopy is once again filled overhead. Covid-19 has ripped a hole through the rental market, and in its wake, will be a future of lower prices and increased options for renters.

Get Social with The RentSeeker.ca Team on

RentSeeker.ca on Twitter

RentSeeker.ca on Facebook

RentSeeker.ca on Pinterest

RentSeeker.ca on Instagram

RentSeeker.ca on YouTube

While avoiding exposure to the virus has been a challenge for everyone, apartment dwellers face a whole host of additional risks. That’s because those living in apartments are exposed to shared facilities such as elevators, common rooms, and mailboxes.

If you’re living in an apartment during COVID-19, we’re here to help. We’re here to provide you with our apartment resources and information on how to stay safe in your apartment community during the pandemic.

Preventing Coronavirus in Your Apartment

The Government of Canada has provided plenty of advice on how you and your family can stay safe generally. Have a look at their recommendations here.

But for those living in an apt complex, keeping safe and practicing sanitary prevention habits takes a bit more research and reading. As mentioned, many apartments feature common areas, shared mailboxes, lobbies, trash chutes, and lots of door handles that are touched often.

That means there’s a lot more potential exposure to coronavirus than one would like.

From your hygiene to how to look after your apartment, we’ve put together some advice on how to prevent coronavirus for renters and those living in flats.

Wash Your Hands Often

It goes without saying, but everyone right now should be washing their hands often.

Wash your hands if you touch another person or a shared common surface. Wash your hands before and after cooking. Wash your hands after using the bathroom.

Wash your hands after you cough, sneeze, or blow your nose. Wash your hands after you’ve been outside.

Basically, wash your hands often. If you don’t have access to soap and water, use a hand sanitizer with 60 to 95 percent alcohol.

For the best success of preventing coronavirus, follow the government’s advice on the most efficient handwashing practices.

Avoid Contact With People Who Are Ill

This is another point that may seem obvious, but it must be noted, nevertheless. While you don’t always know who’s ill, if someone seems unwell, be sure to minimize contact with them as much as possible.

When you go to the shops, pharmacy, or anywhere else, spread out. Avoid shaking hands and don’t be worried about offending anyone. Most people understand the current needs for no contact.

In the apartment complex, avoid being around people who seem unwell. As mentioned above, generally you should be avoiding touching common surfaces around the building anyway.

Wear a Face Mask

When moving around outside and within your apartment complex, be sure to wear a face mask. That’s even if you’re just passing through the apartment building lobby or the apartment building hallway.

As most people are staying indoors, all common areas in your complex are considered a public space, so treat it like that.

Clean and Disinfect Your Apartment

When inside an apartment, you should make sure it’s neat, clean, and tidy to ensure a healthy environment. Clean the apartment regularly and sanitize items and surfaces. This includes kitchen counters, doorknobs, bedside tables, bathroom fixtures, toilets, refrigerator handles, light switches, mobile devices, computer keyboards, and more.

By keeping your apartment clean regularly, you can do your best at preventing the spread of COVID-19.

Stock up (But Don’t Hoard)

While it’s unlikely, there may be a chance you’ll get sick and will need to quarantine in your apartment. In most cases that shouldn’t last longer than two weeks, but you should still make sure to stock up on basic food items, so you don’t need to leave the apartment.

We suggest buying non-perishable goods such as canned beans, soups, broths, stews, fruits, and vegetables. You can also buy ready to eat foods like peanut butter, crackers, nuts, dried fruits, and granola bars.

Don’t forget essentials like toothpaste, toilet paper, tissues, feminine products, laundry detergent, and hand sanitizer too. Plus, you may need some over-the-counter medicines and prescriptions.

Remember, stock up but don’t hoard. The supermarkets aren’t going to sell out of food, and you should just buy the supplies you need for two weeks.

Check out this resource list of recommended foods to buy for quarantine.

Preventing Coronavirus in Your Apartment Complex

If you’re living in a public area like an apartment complex, the apartment manager must implement protections from coronavirus for residents. After all, you don’t have control of everything in the building so it can be harder as an individual to stay safe.

If you’re worried that your landlord or apartment manager isn’t preparing for COVID-19 prevention efficiently, don’t be shy to have a chat with them. Here are some ideas you can suggest.

Make Hand Sanitizer Available

If there are hand sanitizer bottles left in common areas around the complex, people are more likely to clean their hands more regularly, thus reducing the risk of coronavirus. Perhaps you could suggest that hand sanitizers are provided in areas of the building for residents, staff, and guests to use. For example, they could be left at the front desk and in the gym.

Clean Regularly

While apartment complexes should be cleaned regularly anyway, now it’s more important than ever. Just like your apartment, common spaces should be regularly cleaned and sanitized.

Areas and surfaces that are touched often should be disinfected several times a day. For example, door handles, elevators, mailroom boxes, and the front desk.

Keeping Your Complex Clean With Apartment Resources

We hope our shared apartment resources are helpful to you if you’re living in a building complex and are hoping to stay safe from COVID-19. As mentioned, if you’re worried about the cleanliness of your apartment complex, don’t be afraid to get in contact with the building manager to voice your concerns.

Or perhaps you’re looking for a new flat to live in? If so, check out our advice to help you find a new apartment in Canada.

And why not? You don’t want to pay rent for a place you’re not living in. When it comes to short-term rentals, be it through a platform like Airbnb, or subletting to a friend, there are some things you need to know.

What your tenant insurance covers

Tenant insurance offers three coverage types:

●      Contents insurance – protects your valuables like furniture and electronics.

●      Liability – protection in case someone injures themselves in your unit, or you damage an adjoining property.

●      Living expenses – pays for your accommodation needs and related costs If you’re affected by an insured loss (e.g. flooding or fire).

Your own renter’s insurance policy only protects you, not the subletter. So, while you’re away, inform your insurer about the change and inform the sublessee to get their own renter’s insurance.

Renter’s insurance doesn’t cover water damage beyond a burst pipe or even identity theft. Still, you can customize and add coverage extensions to your policy to protect against those perils or simply make sure to take necessary precautions against them.

Questions your tenants insurance provider will ask

The initial questions when setting up a policy are where you live, the type of space and square footage, who lives in the home with you, the cost of all your contents, and when you need the policy to start.

If they don’t ask about subletting or using home-sharing programs, be forthright with that information. Lying to your insurance provider could lead to a denial of a submitted claim and cancellation of your policy. Subletting may also increase your premium because there is a higher risk of a claim while you’re away. If you sublet often, the riskier you are to insure, so keep it to a minimum if you can.

Check on rules and regulations

It’s important to know what overarching contracts are in place that may affect your decision. Whether it’s already in your lease agreement, rules set out by the condo board or municipal laws, you want to understand and comply with these rules before listing your apartment’s availability. Also, knowing the rules will make for a better impression with your landlord. For instance, according to Ontario’s Residential Tenancies Act, you can’t sublet for a rent that’s greater than your own.

Ask your landlord

The act also stipulates, “A tenant may sublet a rental unit to another person with the consent of the landlord.” So, you need to be clear and upfront with your landlord to avoid legal action or eviction. Tell them the reasons why you want to sublet. They may offer an alternative, or even say no, so prepare yourself, think of their questions and be ready with solutions. It’s important to show your landlord you care about the space, and the building. Don’t make it about making money, but rather a method to cover expenses while you’re away.

Speaking with your landlord is essential, and not only because it’s their property, but they’ll be taking on some risk themselves. Renter’s insurance covers your contents and if any injuries happen within your unit. Their insurance policy covers risks for the building. If your new sublessee injures themselves on the shared front steps, it falls to their landlord’s insurance policy, not yours. The more you help your landlord, the greater likelihood of success.

Create rules that work for everyone

Reach an agreement with your landlord about the sublet length, how many people can stay, and be sure to disseminate the rules to each tenant. Keep your landlord informed of any renter changeovers. Share valuable information like emergency phone numbers, evacuation plans, and where the fire extinguisher is located. Over-communicate with your guests about expectations and rules. Remember, this is a risk you’re taking on, and you want to avoid any problems.

What about home-sharing?

Here’s what you should know about home-sharing platforms, like Airbnb. Airbnb offers 2 types of insurance, each offering $1 million for third-party claims and property damage. Sounds pretty good; however, this Airbnb insurance isn’t for you, it’s for the homeowner.

And most home insurance providers don’t allow for short-term rentals. Airbnb themselves state on their website that their insurance doesn’t replace the homeowner’s insurance. Your landlord will need to check with their insurer if you want to go the Airbnb route. 

The real challenge is because you don’t have an insurable interest as someone who doesn’t own the property, so getting coverage in your name might not be possible. To make matters more complicated, you could even void your tenant’s insurance if you home-share without notifying your provider.

In the end

Subletting your apartment, like most income producing ideas, carries some risk. Seek to protect yourself for a smoother experience.

Guest post by Tyler Wade, Content Writer at Ratehub.ca. Ratehub.ca is Canada’s leading comparison site for mortgage rates, credit cards, bank accounts, investing products and insurance rates.

Marketplace features a revamped experience in the real estate rentals category, including:

• Filters for location, price, bedrooms, bathrooms, rental type, square footage;
• A broader selection of rental listings from landlords and property managers;
• A map view to browse listings by location;

RentSeeker.ca recently launched a brand new website in celebration of their 10^th anniversary with new features and services to cater to the expanding rental property market in Canada.

The new RentSeeker.ca website has been improved with new search functions to reflect current trends in the digital real estate marketplace and expansion of mobile search use amongst millennials entering the rental market along with an aging, digital friendly population. The new features combined with the integration of Facebook Marketplace offers expanded new opportunities for landlords to increase exposure and directly target qualified perspective renters.

As an aging population of digital friendly renters are entering the market and will continue to support the transition towards a digital rental marketplace. Facebook continues to generate massive revenues and is the most popular social media platform for non-millennials.

With RentSeeker.ca having one of the largest databases of apartment rentals in Toronto and across Canada, their expansion into new rental listing categories include:

• Seniors Living
• Student Housing
• Commercial Properties

RentSeeker.ca continues to be a disruptive force in the Canadian real estate market, and these latest advancements of the website continue to bring expanded marketing opportunities for landlords and property owners across the country.

We’re thrilled to partner with Facebook to deliver our inventory of verified property listings from many of Canada’s largest real estate and property management companies to the Facebook Marketplace community, and together RentSeeker.ca and Facebook Marketplace will provide landlords and renters with a powerful resource to help them find their next home.

And as the rental market continues to evolve along with new technology used in the real estate search process, we’ll continue to bring new features and services to help renters find their next apartment, condo, or house for rent on RentSeeker.ca.

Connect with RentSeeker.ca on Twitter and Facebook and follow all the latest trends and highlights on the rental market, real estate news, and more!