Cheap apartments are often expensive, especially for those who don’t have an income.
The most expensive Toronto apartment is $2.7 million, according to an online real estate listing by real estate agency Abrasoft.
The second-most expensive is $3.4 million, and the third-most is $4.4 in Vaughan.
That means a house in Scarborough is about $4,000 cheaper than one in Scarborough, but it is far more expensive for renters.
“There is definitely a correlation between affordability and affordability of housing,” said Andrew Bowers, president of Abracorp.
“You can buy a nicer house in Toronto and the prices go down.
It’s just the same with renting.”
Abrastosoft says the data comes from a survey of 2,500 people who live in the 416 area code.
It was conducted between February 15 and February 21, with responses from 1,400 people in the region.
Renters living in the GTA have higher median incomes than renters in the rest of the province.
According to data from the Ontario Mortgage and Housing Corporation, the median annual household income for renters in Toronto is $60,500, compared to $46,700 for those in the entire province.
The average rent for a one-bedroom apartment in Toronto has jumped by $1,600 since 2010.
The median rent for condos in Toronto last year was $2,600, up from $1.4 last year.
Rents for detached homes rose to a record $1 million last year, and for one-bedrooms, it’s up $1m.
But there’s a big difference between condos and one- and two-bedroom apartments in the Toronto area.
In the 416, there are just four single-family detached houses for every 10 multi-family units.
In Toronto, there’s just two.
For example, a one bedroom condo in Toronto houses about two people, compared with two apartments in Scarborough.
The only single-story condo in the whole of the GTA is in Scarborough with a single family, single-bedroom, and two bathrooms.
“People in Scarborough are really into multi-unit, single family apartments and single family detached homes,” said Mr. Bowers.
“If you don’t need that, you’re better off in Scarborough.”
A house in York Region has an average price of $1 in Toronto, $2 in the province and $4 in the United States.
The price in York is still lower than the GTA, but still higher than in Toronto.
Mr. Zalman is the director of research at B.C.-based real estate firm Zalmans Realty Group.
He says Toronto is a better area to rent in because of its proximity to big city amenities, like the Eaton Centre and Yonge Street Station.
“The price of a condo in York has a lot of correlation with the price of an apartment in the city of Toronto, because there’s lots of people in Toronto who live and work in the area,” he said.
The number of listings in the Greater Toronto Area has grown by more than 100 per cent in the last decade, according a Globe and Mail report.
Mr, Zalmen says the average price in the bigger Toronto area has increased by nearly $500,000 since 2010, but the price in Toronto hasn’t.
That’s because the GTA has seen a steady influx of new residents.
“It’s a very different kind of market in the real estate market,” he says.
“They are going to be more focused on condos, they are going a little bit higher in rent.
That doesn’t translate into more sales.”
Mr. Zelman also says that the number of people moving to the GTA from other parts of Canada and the United Kingdom is increasing.
“I think it’s pretty clear that we’re in a transition period, a transition of sorts between these two big markets,” he explained.
“Toronto has really been a major draw.
They have had an influx of people who are willing to pay a lot more for housing.”
Mr Zalzman says that Toronto is becoming more affordable for renters, and that the city is now attracting people who would normally not consider living in Toronto because of the cost of living.
“We have seen a dramatic increase in people wanting to move into Toronto because the cost has been falling in that area,” said Zalmann.
The city has had its share of new housing built over the past few years, including more than 150,000 condos.
But it’s not clear if those condos are being built on prime land or in affordable areas.
A report released last week by a new think tank found that the average Canadian household is paying more than $2 a day in property taxes in Toronto to build new housing.
The report also said that the value of real estate in Toronto increased by $4 billion last year as people bought houses and condos to rent, which is an increase of $3 billion over the previous year.
Mr Zlman says that many