Further, all but the newest buildings are covered by provincial rent-control rules that tie annual rent hikes for occupied apartments to the rate of inflation. But when a unit is vacated, landlords can set the price where they wish – and that’s led to a stark divide between what existing and new tenants pay, given supply constraints.
But for new listings, rates can be exceptionally steep. Last month, the average two-bedroom listing in Toronto onAs such, CMHC noted the declining turnover rate is “likely influenced” by asking rates for vacant units that, on average, are 25 per cent higher than for occupied units. Lindy Small has lived in her one-bedroom apartment near the Don Valley Parkway for 25 years. Her rent is about $855 a month, although Ms. Small’s income is limited, and she relies upon the Ontario Disability Support Program for financial assistance. About a year ago, her landlord passed away, leaving her worried about the new owner’s intentions for the building.
In many cases, families are crowding into small spaces to make ends meet. More than 133,000 renter households in the Toronto area, or 20 per cent of all tenant households not in social or affordable housing, did not have enough bedrooms for everyone in 2018, a recent Statistics Canada survey found.
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