Rental Market Update

This report is adapted from Rentals.ca  via. Blog.To

Toronto rent prices have been up, down and all around lately as the market recovers from pandemic lows in 2020 that saw apartments get increasingly more affordable month-over-month for more than a year straight.

Now that the provincial economy has nearly opened up in full again and the return of international travel and immigration as we used to know it is on the horizon, things are picking up in the short-term rental, long-term rental and real estate world in general (though as far as house and condo purchases in the city, things hardly even cooled due to COVID-19).

The average price of renting a unit in Toronto proper and the GTA overall has started rising slowly once more.  

In the city proper, neighbourhoods like Cabbagetown-South St. James Town, North St. James Town and South Parkdale are among those that have the cheapest rents right now, while Rosedale-Moore Park, the Bay Street Corridor, and Waterfront Communities-The Island had the priciest, and also more active listings.

While general affluence of and rental trends of certain areas are obvious factors in price, there are other things at play — namely, the number of options made available by new builds.

"The neighbourhoods with low levels of new condo construction experienced over the past decade have seen the biggest increases in rent in 2021 in the city of Toronto," Bullpen President Ben Myers said alongside this latest data. 

"Desirable communities near transit, with a lack of supply have been the first to recover during the pandemic."

Compared to the rest of the GTA, renting in downtown Toronto remains, on average, more expensive than in Brampton, Mississauga, Markham, Ajax, East York, Scarborough, York and Etobicoke, though cheaper than in Richmond Hill, Vaughan, and Pickering, as per the most recent numbers from the two companies.

As workers prepare to return to the office (on top of all else that is opening up), the experts expect that rent prices will continue to rise, especially in popular areas where supply remains tight.

What do Rentals Cost in Toronto?  This chart ranks the rentals by Neighbourhood in Toronto:


How does Toronto Stack up to Canada? 


 

What Landlords look for in an ideal tenant?

Renting in Toronto can be very competitive, so understanding what Landlords look for in a tenant can help you be successful in finding a condo to rent in Toronto.   Landlords look for a good track record, good credit score and stable income.

4 Tips on finding great rental in Toronto:

  1. Be organized; have your employment letters, salary verification, references & credit report ready to put an application in right away.
  2. Think of it as a job application – You’re interviewing for the space, so play up your strengths, compliment the property and keep demands to a minimum
  3. Video speaks 1000 words – do a video introduction or Zoom call with the Landlord or Landlord’s Realtor
  4. Look in your budget – Landlords have their choice of applicants for premium properties – sometimes they rent for over the asking price.  So make sure you’re looking in or slightly below your price range

 

Are you like most buyers? If you are, you think that we're a greedy lot that has conspired to drive prices sky high.  That we rig bidding wars & have unethical ways of getting people to pay top dollar for inferior properties.   That we just stick a sign on the lawn and count our money....What really happens couldn't be further from the truth! 


What the public thinks Realtors do

...at  least for what I do to prepare homes for sale in Toronto.  So I created this series to show you that it's not cute insta reels that get the job done, it's experience, knowledge, skills & some sweat equity!  

What I really do to get my clients the top price for their house in Toronto is spend a lot of time analyzing the market and helping sellers prepare a house or condo for sale.  Whether it's a House in Toronto, a House in Pickering or a Scarborough Condo, here’s a glimpse behind the scenes to show you some of the work that goes into putting a Toronto Home for Sale:

  1. Consultation with sellers – CMA
  2. Home preparation:  Quotes, supervising trades, coordinating trades like painters, handyman, 
  3. Landscape touch up
  4. De-cluttering – helping with donations to various organizations
  5. Previewing like properties to evaluate the competition
  6. Staging consultation, planning & final staging                      
  7. Photography
  8. Video

First, I wanted to share my top 3 craziest things I've done in this business!!

1.  I boarded a clients son for a couple of months (he was starting last year of high school in a new school & the house closing to get in the area was not until end of October)

2. We moved fish. Not just any kind of fish, special African fish. The fishes' owners were not allowed on the property, and luckily my husband and stepson knew how to help, having raised this type of fish.  They also had the equipment to make the job faster - as it had to be supervised by the authorities (I can't make this stuff up!) 

3. I was yelled at by a YaYa - In the days of presenting offers in person, my clients offer was lower than this Greek Grandma liked.  I guess she got insulted.  The listing agent, who was in the room was so embarrased! 


Now, my behind the scenes stories! 

Here are a couple of short video clips followed by some before and after photos




1.  The homeowners were on a limited budget for updates, and had furniture stored by a family member in the house.  I co-ordinated movers to remove items to a storage facility, booked the storage facility, cleaned, the homeowner decluttered further then we staged the house with their own furniture, converting the basement from a storage room to a functional play area. 


Staged and ready to show! 

 

Before staging


2.  Again, these homeowners had been using the basement as a storage room.  We decluttered, helped them shred important documents, helped donate unwanted items to various charities, then coordinated trades to: add new carpet, replace light fixtures & paint the dated panelling


Before Staging - basement was used as a store room

 

The staging was used to show the space is bright and cheerful


3.  This before and after shows you how the power of paint can transform a front entrance - and this is before it's 'staged' with some decor!


Front Door After - The front entrance on this Pickering home for sale was painted a color to compliment the brickwork & new brass kick plates installed



Front Entrance before:  The door was not a focal point and the kick plates were old and tarnished

 

 



 

 


 






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You may be very surprised to find that out of 66.000 Realtors that belong to the Toronto Real Estate Board - there are some shocking differences between them?  Here are 5 differences that will help you make the right choice when the time comes to make a real estate transaction!   Counting down from five to one:


5.  Geographic or Property expertise - many Realtors specialize in a geographical region, giving them deep knowledge on the benefits of the area as well as the real estate market - right down to what streets are better!  Similarly, there are Realtors that specialize in a type of property whether it is pre-construction developments, commercial properties, cottages or downtown condos.   When you interview your realtor, it's important to make sure they have experience where you need it - you may be shocked that this is that part of our professional regulations and ethics is a requirements! 

4.  Their brokerage - all Realtors must belong to a brokerage - my brokerage is Keller Williams.  You may be surprised to find not all Real Estate Brokerages are created equally!  There are limited fee brokerages where sellers can just post on MLS for sale, full service brokerages (like Keller Williams or Re/Max) and discount brokerages that charge low fees and attract a lot of part-time Realtors.   You may want to ask some questions about the company they belong to and why they chose that brokerage when selecting an agent! 

3.  Experience - with over 58,000 Realtors in the GTA, you may be surprised to learn over 80% of them do only 1-2 transactions a year.  Very few do more than 10.   If you choose an active, high-producing agent you will get the benefit of their expertise to predict and get ahead of any problems that might arise.  A wise move, since a real estate purchase is likely to be one of your most expensive & important decisions! 

2.  Specialty designations - Did you know that Real Estate agents can get specialty designations?  In my opinion, the best agents are always training!  For example, I have two specialty designations for dealing with Senior issues related to Real Estate as well as 3 specialty designations for Negotiation!

1.  Negotiation Training - Top negotiators are trained - why shouldn't you expect your Realtor to have the same?   Not only have I studied many negotiation books authored by experts like Chris Voss, I have my Masters Certificate in Real Estate Negotiation.  Make sure your Realtor has specialty training to help you achieve your goals!


Call me to learn more at 416-562-5002! 


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One thing that I love about Scarborough is the variety of parks we have available for relaxing and exploring.  This week I am featuring the parks at The Guild Inn (or as we locals like to call it, the Guild) which is a historic site on the Scarborough Bluffs in Guildwood, Toronto.   

The original building and surrounding lands were an artists colony that stretched from Kingston Rd. (Where the Gates of Guildwood Condominiums now reside) to Lake Ontario.  


Original Sculptors Cottage, The Guild Inn

 

In the 1950s the owners sold much of the land to pay property taxes.  The planned community of Guildwood opened to much fanfare in the early 1960’s.  


At the top of Guildwood Parkway you can see the “Gate to Guildwood” – this actually used to be a manned gatehouse!

The original historic building, the Inn – continued to run as a hotel and restaurant into the 1990’s.  The 90 acres of parkland behind the inn is a public park & sculpture gardens maintained by the City of Toronto.  The sculpture gardens consist of many architectural facades & columns from demolished Toronto buildings. 


Guild Inn Sculpture Garden - Architectural Columns from Historic Toronto Buildings

Unfortunately, the Inn declined and fell into disrepair.  By 2001, the hotel and restaurant were closed, leaving the park open to the public.  


This setting is super popular for Toronto Wedding Photographers.

 

In 2017 the Guild Inn was re-opened with 2 beautiful outdoor pavilions and banquet facilities that flank the main historic property.  


They are a popular spot for weddings – and the beautiful gardens are also a popular spot for engagement and wedding pictures!  Flowers at the Guild InnBeautiful Flower Plantings in front of an Outdoor Pavillion at the Guild Inn

 


So come join me on a video tour of the path at the top of the bluffs, the sculpture gardens & a glimpse at the historic Guild Inn as well as the modern outdoor pavilions! 

 

 

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