Canada's real estate industry has been significantly impacted by the COVID pandemic, which can clearly be felt and seen in Toronto's current housing market.

The average rent for both 1 and 2-bedroom apartments in Toronto fell in April, according to the latest national monthly rental report from And while 1-bedrooms saw month-over-month (-4%) and year-over-year (-5.8%) declines, Canada's largest city was still the most expensive place to rent in the country, with average rent for a 1-bed coming in at $2,125 and 2-bedrooms, meanwhile, also saw month-over-month (-7.7%) and year-over-year (-3.3%) declines, averaging $2,669 last month.

READ: Average Rent for 1-Bedroom Apartment in Toronto Drops 6% Year-Over-Year: Report

According to the report, Toronto wasn't seeing much relief when it came to rental rates for condominium and rental apartments at the start of the COVID-lockdown, but that quickly changed in April as landlords began adjusting their rents due to a lower-demand.

Every unit size range declined month over month from 300-sq ft to 1,400-sq ft, from a low of 3.7% to a high of 20.2% for suites rounded to 1,300-sq ft. As reported by, the demand fell more heavily for the larger and more expensive unit, than the smaller and more affordable units.

Fig 8

As the pandemic continued through April, the average rent per-square-foot for condo apartments also fell. Areas with the biggest changes in rents include the downtown markets with M5V, M5J, and M5H postal codes, with an 8-13% decline in rents month-over-month. Yorkville also saw a decline in average rents, with a 9.4% drop last month. These four areas also happen to be hotspots for short-term rentals, which are temporarily banned amid the pandemic, and most likely contributed to the decline in rates.

Fig 9 tor condo

The report also notes that the pandemic has had a major impact on the short-term rental market and many hosts are seeing their activity "grind to a halt." As a result, there has been an increase in furnished apartments available for rent. According to the report, 25% of rentals in Ontario are furnished compared to just 2.3% of apartment listings in Alberta. In Ontario, furnished condo apartments are averaging $2,369 per month compared to $1,961 for unfurnished condo apartments.

Fig 6 furnished d 1

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