{"id":240726,"date":"2025-01-27T13:59:28","date_gmt":"2025-01-27T18:59:28","guid":{"rendered":"https:\/\/www.prepareforcanada.com\/?p=240726"},"modified":"2025-03-24T18:10:10","modified_gmt":"2025-03-24T22:10:10","slug":"renting-a-condo-in-toronto-holds-deals-for-newcomers","status":"publish","type":"post","link":"https:\/\/prepareforcanada.com\/blog\/housing\/renting-a-condo-in-toronto-holds-deals-for-newcomers","title":{"rendered":"Renting a Condo in Toronto Holds Deals for Newcomers"},"content":{"rendered":"\n<div style=\"height:0px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Renting a condo in Toronto has become more attractive and affordable to newcomers to Canada. Lower asking prices and more rental condos on the market have given newcomer renters more bargaining power with landlords. It has also given them an alternative to renting in an apartment building. Understanding Toronto&#8217;s changing condo market can help newcomers find their first rental home in Canada.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>For newcomers, it&#8217;s a good time to rent or buy a condo in Toronto. And the market will offer many attractive options in 2025. The Toronto condo market is in flux due to an oversupply of condos amid falling sales and rental asking prices. Toronto and Vancouver are by far the largest condo markets in Canada. In Toronto, condo sales have slowed dramatically in 2024, descending into a situation described as &#8220;bleak.&#8221;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-toronto-condo-market-sales-slow\">Toronto Condo Market Sales Slow<\/h2>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>According to recent data from Altus Group and BILD GTA, only 210 new condos were sold across the Greater Toronto Area (GTA) in October. That\u2019s down 84% from the same time last year. The drop reveals a slowing condo activity and why asking prices have fallen.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>There are approximately 40,000 units of condo supply in the GTA. This consists of unsold condos in development, assignment listings, or condo resale listings. Toronto condo market forecasts suggest there may be more affordable opportunities for newcomers looking to rent or buy a condo. Read more about <a href=\"https:\/\/prepareforcanada.com\/ontario\/toronto\/living-in-toronto-ontario\">living in Toronto<\/a>. <\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Across Canada, condo rent prices are falling for all unit types except for popular three-bedroom units. Nationally, <a href=\"https:\/\/prepareforcanada.com\/living\/housing\/why-a-2-bedroom-apartment-is-a-smart-choice-for-newcomers\">two-bedroom condo <\/a>rents saw the largest annual decline. This national trend in condo asking rents matches what&#8217;s happening in Toronto and Vancouver.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"400\" src=\"https:\/\/www.prepareforcanada.com\/wp-content\/uploads\/Toronto-Condo-Market-for-Newcomers-Dec.-3.png\" alt=\"A man in a pink shirt affectionately touches the shoulder of a smiling women in a striped shirt who  cooking at a stove\" class=\"wp-image-240748\" srcset=\"https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2024\/12\/16153209\/Toronto-Condo-Market-for-Newcomers-Dec.-3.png 600w, https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2024\/12\/16153209\/Toronto-Condo-Market-for-Newcomers-Dec.-3-300x200.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><figcaption class=\"wp-element-caption\"><strong><em>Condo rentals offer newcomers more amenities than apartments<\/em><\/strong>.<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-pros-and-cons-of-condo-living-for-newcomers\">The Pros and Cons of Condo Living for Newcomers<\/h2>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Whether renting or buying, living in a condo offers newcomers advantages and disadvantages:<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>PROS<\/th><th>CONS<\/th><\/tr><\/thead><tbody><tr><td>Less maintenance and repairs<\/td><td>No control over maintenance &amp; repair schedules<\/td><\/tr><tr><td>On-site amenities, such as a sauna, swimming pool, gym<\/td><td>Paying for amenities you don\u2019t use<\/td><\/tr><tr><td>Enhanced security features<\/td><td>Less privacy and possibly more noise<\/td><\/tr><tr><td>Predictable monthly maintenance or condo for owners<\/td><td>Special assessment charges for unexpected repairs<\/td><\/tr><tr><td>Condo boards elected by and answerable to owners.<\/td><td>Some condominium units are small<\/td><\/tr><tr><td>A community lifestyle with social, entertainment, and recreation<\/td><td>Condo board rules on &nbsp;noise levels, parking, pets, smoking and decorating<\/td><\/tr><tr><td>Possibility of renting out the unit as an Airbnb rental <\/td><td>Disruptions caused by Airbnb rentals<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Some of these pros and cons affect owners only and not renters. If you rent, your landlord will explain the condo rules and regulations before you sign the lease.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-toronto-condo-rental-market-for-newcomers\">Toronto Condo Rental Market for Newcomers<\/h2>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Strong population growth in the GTA has boosted condo rentals, according to third-quarter data from the Toronto Region Real Estate Board (TRREB).<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>In addition to population growth, there has been a growth in the number of condos for rent in Toronto. This offers newcomers looking to rent in the Toronto condo market greater choice and lower rental costs.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<section class=\"rounded-btn border-b-2 border-light-grey bg-off-white lg:grid lg:grid-cols-3 gap-2\">\n    <article class=\"lg:col-span-2 flex flex-col gap-4 p-6 lg:p-12\">\n        <h3 class=\"text-2xl\">Renting your first home in Canada | Options &#038; solutions for newcomers<\/h3>\n        <p>Searching for your first home in Canada? Join this exclusive session for key insights on housing market conditions, affordable options, and renting without credit history. Tailored for newcomers settling in the next six months, register now for valuable tips and a free guide!<\/p>\n                    <a class=\"flex flex-row w-fit gap-2 rounded-btn btn-secondary p-5 transition ease-in-out text-lg font-bold\"\n               href=\"https:\/\/prepareforcanada.com\/webinars\/renting-webinar\">REGISTER FOR THE WEBINAR                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"28\" height=\"28\" viewBox=\"0 0 28 28\" fill=\"none\">\n                    <path\n                        d=\"M13.1752 20.175L14.8248 21.8247L22.6497 13.9999L14.8248 6.17505L13.1752 7.82472L18.1837 12.8332H7V15.1665H18.1837L13.1752 20.175Z\"\n                        fill=\"white\"\/>\n                <\/svg>\n            <\/a>\n            <\/article>\n    <div class=\"relative lg:col-span-1\">\n                    <video src=\"https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2025\/01\/18123715\/Renting_in_Canada_for_newcomers.mp4\" autoplay loop playsinline muted\n                   class=\"absolute inset-0 h-full w-full object-cover rounded-3xl\"><\/video>\n            <\/div>\n<\/section>\n\n\n<h2 class=\"wp-block-heading\" id=\"h-newcomers-and-condo-market-rental-options\">Newcomers and Condo Market Rental Options<\/h2>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>\u201cMany newcomers to the GTA initially choose to rent a home,\u201d said TRREB President Jennifer Pearce.<\/p>\n\n\n\n<p>\u201cGiven the record pace of immigration, it is no surprise that the number of (condo) rental transactions continues to trend upwards,&#8221; said Pearce. &#8220;In recent months, these renters are benefitting from more negotiating power, due to an increase in listing supply. This has resulted in a more affordable (condo) rental market.\u201d<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-toronto-condo-market-rents-continue-to-fall\">Toronto Condo Market Rents Continue to Fall<\/h2>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The average&nbsp;rent for all types of rentals in Toronto in October was down 9.0%&nbsp;year-over-year to&nbsp;$2,642.<\/p>\n\n\n\n<p>In the City of Toronto condo rental market, rentals rose 38% year-over-year. According to a recent national report from Royal LePage, this increase was driven by newcomers and population growth.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>CONDO TYPE<\/th><th>RENTAL PRICES (OCT 2024)<\/th><\/tr><\/thead><tbody><tr><td>Studio Condo<\/td><td>$1,874 (down 6.9% from 2023)<\/td><\/tr><tr><td>1-bedroom Condo<\/td><td>$2,499 (down 5% from 2023)<\/td><\/tr><tr><td>2-bedroom Condo<\/td><td>$2,386 (down 4% from 2023)<\/td><\/tr><tr><td>3-bedroom  Condo <\/td><td>$2,889 (up 2.8% from 2023)<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\"><strong><em>Toronto Condo Rental Prices: Source: Rentals.ca October, 2024<\/em><\/strong><\/figcaption><\/figure>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"400\" src=\"https:\/\/www.prepareforcanada.com\/wp-content\/uploads\/Toronto-Condo-Market-for-Newcomers-Dec.-5.png\" alt=\"A man and a woman with their backs to us and each carrying a box hold the hands of their two young children inside a home\" class=\"wp-image-240752\" srcset=\"https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2024\/12\/16153215\/Toronto-Condo-Market-for-Newcomers-Dec.-5.png 600w, https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2024\/12\/16153215\/Toronto-Condo-Market-for-Newcomers-Dec.-5-300x200.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><figcaption class=\"wp-element-caption\"><strong><em>Condo size is a major consideration for buyers<\/em><\/strong>.<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-toronto-condo-buying-market-for-newcomers\">Toronto Condo Buying Market for Newcomers<\/h2>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>A  condo can be a good entry-level home for newcomers looking to buy in the Toronto market.<\/p>\n\n\n\n<p>With many condos on the market and at lower prices, would-be buyers have been renting and saving money. They&#8217;ve been waiting for interest rate cuts and condo prices to fall. Toronto condo buyers have been waiting for the Bank of Canada to lower its key interest rate below 3.5%. In December, the Bank lowered the rate to 3.25% from 3.75%.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Buyers have also been waiting for desirable two- and three-bedroom condos in prime downtown locations to come on the market.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>When buying a condo, it&#8217;s smart to consider the size. The hottest-selling condos are two and three-bedroom units of 800 square feet or larger. However, the reality is that most units are 600 square feet or less (studios, one-bedroom, one-and-a-half bedrooms).<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"How do I apply for a mortgage?\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/w_2H8W5rYMo?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"400\" src=\"https:\/\/www.prepareforcanada.com\/wp-content\/uploads\/Toronto-Condo-Market-for-Newcomers-Dec.-6.png\" alt=\"A smiling young woman real estate agent proudly holds a sold sign outside a condo building\" class=\"wp-image-240751\" srcset=\"https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2024\/12\/16153213\/Toronto-Condo-Market-for-Newcomers-Dec.-6.png 600w, https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2024\/12\/16153213\/Toronto-Condo-Market-for-Newcomers-Dec.-6-300x200.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><figcaption class=\"wp-element-caption\"><strong><em>Condos sales in Toronto are expected to rise in 2025.<\/em><\/strong><\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-toronto-prices-to-remain-stable\">Toronto Prices to Remain Stable<\/h2>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>In Toronto, the average selling price of a condo (all sizes) in October was $650,000, down 0.7% from September. Overall, the price has fallen 6.1% since October 2023.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The average selling price for all property types in the GTA has fallen 15% since the peak in February 2022. Housing and condo prices in the GTA are expected to remain stable or rise slowly come spring, depending on interest rates.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Toronto&#8217;s condo market is becoming more attractive for newcomers. But for now, there appears to be no rush to buy one. As Toronto real estate agent Grace Chan told The Toronto Star, \u201cInterest rates need to be lower, and the (condo) inventory needs to be more enticing,\u201d<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Sources: <\/strong><\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><a href=\"https:\/\/www.cmhc-schl.gc.ca\/consumers\/home-buying\/buying-guides\/condominium\/chapter-3-the-pros-and-cons-of-condominium-ownership\">CMHC<\/a>, <a href=\"https:\/\/trreb.ca\/\">TTREB<\/a>, <a href=\"https:\/\/rentals.ca\/national-rent-report?utm_term=&amp;utm_campaign=renterperformancemax&amp;utm_source=google&amp;utm_medium=paid&amp;hsa_acc=1429021760&amp;hsa_cam=21039779240&amp;hsa_grp=&amp;hsa_ad=&amp;hsa_src=x&amp;hsa_tgt=&amp;hsa_kw=&amp;hsa_mt=&amp;hsa_net=adwords&amp;hsa_ver=3&amp;gad_source=1&amp;gclid=CjwKCAiA0rW6BhAcEiwAQH28IhyJCi_7IJiaAZyyN8lbx0WpwAXkvNPv8K_9K19mgSwcZX1G1Uq0iBoC_tkQAvD_BwE\">Rentals.ca<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":20,"featured_media":247435,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[288],"tags":[],"class_list":["post-240726","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Renting a Condo in Toronto: Deals for Newcomers<\/title>\n<meta name=\"description\" content=\"Renting a condo in Toronto has become more attractive and affordable to newcomers to Canada looking for their first home\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/prepareforcanada.com\/blog\/housing\/renting-a-condo-in-toronto-holds-deals-for-newcomers\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Renting a Condo in Toronto Holds Deals for Newcomers\" \/>\n<meta property=\"og:description\" content=\"Renting a condo in Toronto has become more attractive and affordable to newcomers to Canada looking for their first home\" \/>\n<meta property=\"og:url\" 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