The average monthly rent for an apartment in the Greater Toronto Area is $2,500, according to a survey released Wednesday.
(CBC)The survey of 5,000 people by realtor.com shows that the average monthly rental in the metropolitan area of Toronto is $3,000.
That’s $1,400 more than the average for Vancouver.
While the average Toronto apartment rent is more than twice that of Vancouver, that difference isn’t as dramatic as you might think.
“The difference is that Toronto’s median rent is almost three times higher than Vancouver’s,” said Sarah Anderson, vice president of realtor sales and marketing for the Greater Vancouver Association.
“So that is not the same as a $2.5 million difference.”
In addition, the average price for a condo in the Toronto area is more expensive than the median condo price in the Vancouver area, at $1.8 million.
The median price of a house in Toronto is about $3 million more than Vancouver, which means that the price of the median home in Vancouver is $4 million higher than the price in Toronto.
“In terms of affordability, Toronto is in the middle,” said Anderson.
“It’s still below what people think of as the median price in Vancouver.”
The survey also showed that the median rental in Metro Vancouver is nearly three times that of Toronto, which is a difference of $800,000 compared to the $400,000 difference in the median rent in Vancouver.
That means that for every $1 a month a person makes in Toronto, they’re paying more than $2 in rent in Metro.
Anderson said that the difference between the median and average rent is only one-tenth of one per cent, which translates to a difference in income of about $15,000 a year.
The average rental in Vancouver has also been growing, which has also led to a larger rental market in Vancouver than Toronto.
While rents have risen in Vancouver in recent years, Anderson said that Metro has seen the same trend.
The gap between the average and median rents is still higher in Metro than in Toronto and the gap in the cost of living is higher in Vancouver, but not as much as it was in Toronto last year.
“We’ve seen a big jump in the costs of living over the last three years,” said Julie Beaulieu, president and CEO of the Greater Metro Association.
“There’s still a lot of room for growth.”
The average rent for a house, condo or apartment in Metro is $1 million higher in Greater Vancouver than in the average of Toronto.
The report also showed a similar trend in rent prices across Metro Vancouver, with prices in the inner city rising in 2015 but fell in 2016.
The Metro median rent was $1-million higher in 2015 than in 2016, according the report.
In Greater Vancouver, the median is now $1 and a half times the median in 2015, and the average is now nearly $1 per month.
That’s not to say that the gap between prices in Metro and in the rest of the country isn’t there.
In the last few years, Vancouver has seen a large rise in the number of people moving to the Greater Golden Horseshoe and the city has seen an increase in the demand for condos and apartments.
“Vancouver has experienced a pretty dramatic population growth,” said Beauliu.
“And we’ve seen that growth through the rental market.”
In Metro Vancouver alone, there are more than 3.6 million people living in the area, and that number will continue to grow.
“What we’ve been seeing in Metro over the past year is really a real acceleration in the rental growth, particularly the rental in lower-income areas,” said Henderson.
“There’s a lot more opportunity for people to live in the region, and if they’re willing to live there, there’s also an opportunity for them to be in a condo or a apartment.”
While Metro Vancouver’s rent increases are small compared to other cities, Henderson said they could be indicative of more of a trend.
“You can see the same trends in all the cities in the country,” said Jensen.
With files from CBC Vancouver, The Associated Press and the Canadian Press”
The question is how much of this is happening locally and how much is happening nationally?”
With files from CBC Vancouver, The Associated Press and the Canadian Press