Toronto rental prices are soaring, but they are still cheap?
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Here’s an article from Yahoo Finance, and the headline is Sorry Canada, Your Home Rental Prices Aren’t That Bad. So kind of a contrary headline there, we’ve been hearing a lot about how rental prices are so expensive in Toronto in particular, and certainly they’ve risen dramatically, about 12% from the past year. And that’s very good news for us as Condo investors, but the headline again is that compared to other cities around the world, we’re actually not that bad.
So they looked at our rental rates and compared, this was a study that looked at rental rates, compared them to different cities around the world. And Vancouver I believe came in like 44th in the world out of these cities, and Toronto I believe was around number 50 it says in the article.
We’re way down the list compared to other cities around the world, and a great quote from the article was “Vancouver and Toronto are seen as extraordinary expensive to most Canadians, but they aren’t even contenders for the most expensive cities of the world.” So again, we need to step out of our shoes a little bit here and see how we stand up on the world stage. And many Canadians think that housing in Toronto and Vancouver is very expensive. Compared to other places around the world, other cities of our stature and size, and economic clout around the world, we are very, very cheap.
And so again, this is just continuing the pile, the mountain of evidence to suggest that prices are going to continue to rise in the future. We can expect, particularly rental prices, in this case, to continue to rise as Toronto and Vancouver continue to be great cities for people around the world to look to move to, and to live in.
So there you have it, I hope you enjoyed this article. Go ahead and share this with somebody who would find it useful. Thanks for watching.