An Urban Nation study found that the average rent a Greater Toronto Area average-sized (732 square feet) condo rose 11 percent in the second quarter of 2018 compared to the same period in the prior year.
Average monthly rent hit $2,302.
Here are several longer term ways renters may be able to find relief.
1. Save money with a roommate. If you are just starting out, a roommate is a great way to save money, as you can share expenses, and typically a two-bedroom apartment is not double the price of a one bedroom. For example, in the study cited, an average one bedroom goes for $1,968, while an average two bedroom goes for $2,640. The cost of two tenants renting two average one bedrooms is $3,936. By sharing a two bedroom apartment, each tenant will save almost $650 per month, plus benefit from the ability to share other costs like any utilities and cable.
2. Write to your local member of Parliament, member of Provincial Parliament, and City Councillor and demand more affordable housing. These three levels of government have worked together to find incentives to build new affordable housing (Full disclosure, BGS Homes Inc. has built affordable apartment housing in Toronto and Whitby in conjunction with all levels of government).
3. If you can work from home, consider moving out of the GTA and buying a home. For example, a family earning $70,000 a year can afford a home valued at $350,000 with a $100,000 down payment. While that may not get you a home in the GTA, there are homes within driving distance of the GTA within that price range. Check out bgshomes.com for the latest communities we are building.
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