Why the pandemic is pushing young tenants out of their tiny rentals in Toronto’s core

Why the pandemic is pushing young tenants out of their tiny rentals in Toronto’s core

 

Rental listings more than doubled in the 3rd quarter of this year, TREB says

In a 450-square-foot condo, the only place Stephen Tyson was able to put his desk was right beside his bed.

Before COVID-19, it seemed like a good idea to trade living space for downtown Toronto’s many amenities. But after? Not so much.

“You can’t enjoy the restaurants; there’s not that social interaction and energy … It doesn’t really make sense paying a lot of money for a shoe box when you don’t get to use the benefits of Toronto,” said Tyson.

So when the pandemic hit, working and sleeping in the same room got old quickly, and he opted to leave Toronto’s Liberty Village for a unit more than twice the size in Hamilton. Not only has he gained a spare room for a designated home office, Tyson says he has more peace of mind knowing that he’s saving about $400 a month.

He’s not the only one re-evaluating his home situation. In the wake of COVID-19, real estate experts say more and more people are leaving prime Toronto neighbourhoods in search of more space. Some are even opting to buy homes as far away as Muskoka, since being close to the office doesn’t matter much anymore as they’re working from home.

https://www.cbc.ca/news/canada/toronto/condo-rental-toronto-housing-treb-market-1.5793619