He added the situation has only gotten worse for people like him who can't afford to take advantage of falling rents seen through the pandemic. Data from the Toronto Regional Real Estate Board (TREB) shows an overall 16.8-per-cent drop in rental prices: before the pandemic, one-bedroom apartments rented for an average of $2,187. The second is short-term rental units that were converted to long-term because of new rules regulating Airbnb apartments. "We've definitely seen the rental market have probably its biggest crisis in the last several decades," said Lierman. A year into the pandemic, Urbanation calculated an 18-per-cent drop year-over-year in Toronto proper, and a 16-per-cent decrease across the GTA.

Source: CBC News June 23, 2021 20:15 UTC