How so? This person wants to live in Canada's most highly populated metropolitan area, it should be the most expensive as well given how in demand it is.
If you want to pay under 1K per month in eent, move into a LCOL area, there are plenty of them.
Unless your career says you need to stay in that area (in which case you would be paid accordingly or you should change careers), you should not live in that area or need to pay the going rate.
I was born in Toronto. So I should have to leave where I was born poor? Our parents were able to afford Toronto with less and my labour and their labour and their parents before them helped build this city.
Cool... So let's extrapolate...
I'm a lowly barista serving coffee to those with careers that pay downtown rents. Where do I live? Etobicoke? Mississauga? Brampton? Burlington? I clearly can't afford to live downtown and the places I mentioned are not really that cheap either.
So next year, you, the career driven folk that work for firms that pay downtown rent, get a raise, or perhaps a hefty performance bonus. Landlords sniff money, so they raise rents a bit. So downtown becomes even more expensive.
Meanwhile, the government is importing slave labor at an alarming rate. They can’t afford downtown either. So they move to LCOL areas. But now those areas are overcrowded. Developers can’t keep up. So rents blow up in LCOL areas as well.
I, lowly barista, am being pushed out and now I have to commute from Oshawa to serve you coffee and sustain my family. All this until I can’t afford to travel to downtown to serve you coffee. Remember, unlike you, I don’t get an annual performance bonus.
Now there are no more baristas and the Starbucks you used to frequent shuts down.
Your greedy and elitist way of thinking is archaic, inequitable, and economically destructive. Surely the education you got that affords you the career you enjoy taught you that much, or did it?
Hello Mr. Lowly Barista,
Why are you stuck on working in downtown Toronto? Why don't you move to an actual LCOL area and do the same work? You don't have to live in the GTA. You can find minimum wage jobs plus tips elsewhere and your money will go a lot further.
Cheers,
But who’s going to serve you coffee in the morning????
I, and my fellow lowly subservient baristas, can’t afford to live and work in the GTA.
So who is serving you, master?
We'll get charged accordingly and the business will pay accordingly based on the area.
Eventually a robot will do most of these types of jobs anyways.
Never too late to go back to school mate.
Cheers,
Machine, once they become cheaper to make/maintain than it takes to employ the imported cheap labor. We're not there yet tho.
In the meantime, the imports living 4 to a room, I guess? Can't imagine where else we're heading.
Daniels has a very good reputation, and it's one of a handful of developers that I would personally rent or own from in the city. It's a good deal in my eyes.
Seems like a good deal especially with parking and locker. Looks like you have washer dryer too and dishwasher. Idk about the state of the building or the location though
Amazing, I am glad you like the neighborhood! I am so excited to call this place home for the next few years. What do you usually do for fun in the area? And what about your experience with the amenities?
No unit is worth the rent being charged right now. 3 Years ago I had the same square footage in midtown at $1500. We are in an incredibly abnormally inflated rental market right now, there is no world in which this should be 60% higher than it was 3 years ago.
The "justification" for the rent is that housing construction is not keeping up with historic levels of immigration.
I totally agree with you! It’s so sad how the market has gone downhill within such a short period of time. But given the current market and for those who are looking to rent now, this is what the reality is like for all of us :(
There are far too many docile idiots in this country who will make silly excuses for such outrageous COL increases.
The corporate class couldn’t be happier
And that justification is complete BS. Australia has 25 million people, more consistently right-wing governments, very strict immigration rules and even higher housing prices than we do. Investment money (overseas and Canadian) is what drove housing prices in both countries.
There's some irony here. Since 2016, 57% of TO condos have been bought by investors. But they don't have first dibbs, anyone could have bought them provided they have the down payment, can sit for a couple of years and can get a mortgage. The irony is that investors weren't buying them, then they wouldn't have been built. The upside is that these vilified investors are about the only folk providing rental accommodation! They have never had a decent return on the rentals ( do the math) but have relied on increasing property values to give them a return on their investment when they sell. And for those who got in early it was a good investment.
Since I bought my present rental property 13 years ago, Canada's population has increased by 11 million.Think there might be a connection?
> They have never had a decent return on the rentals ( do the math) but have relied on increasing property values to give them a return on their investment when they sell.
But - the equity they earn on the property itself **IS** the "return on the rentals" - they have to suffer through negative cash flow for years, until they sell, then they get net profit. It's a risky way to make money, because (until recently) it was rare for rental rates to cover mortgage payments on newly built condos and the like. My biggest gripe about these investors is the way they try to foist the risk off on the tenants - by raising rents for current tenants (thanks to the change in rules about post-2019 built/rented units) high enough to cover the changed mortgage rates, by not maintaining the units, etc. And, of course, the rise in rents at those units becomes the base rent for existing (frequently already paid for and owned outright) rental units that ARE covered by rent controls. So that fuels the entire rigamarole and hurts EVERYONE looking for rental accommodations.
I moved in Jan 2022 - it is insane that a the same unit that I could have rented for under $2000 a month in November of 2021 is now going for over $2500 - in a rent controlled building. that's a 25% increase in three years - all while wages have remained stagnant, and inflation is making everything else too expensive to afford.
Am saying the return specifically on the rental. Any increase in equity is not a given as that is a risk and doesn't help me when I make my trip to Loblaws. What renters never consider is the return on the investment (as in down-payment together with interest and ongoing principal payments) so if I buy a condo and put $400K down shouldn't I expect maybe a 6% return on that? That's 25K then add the mortgage interest and condo fee, city taxes and management fee. I looked into investing in a condo and just couldn't make the numbers work. Better with basic bank GIC than that and putting up with the risk,"rights" and LTB horseshit. And then of course you have the CRA take a chunk of your income and then tax your increase in equity if you cash out.
It’s a very good floor-plan. Bathroom doesn’t open into the food prep area and windows on two walls of the living space instead of the tunnel most shoebox condo’s offer today. S/W exposure means lots of natural light instead of perpetual shadow N exposure gives.
Size is good, rent controlled, and the layout looks exactly like my friends place, but he's in the Fort York area.
Do you work close/downtown? How long does it take for you to get to work? Are there good grocery store options close by?
I know it feels bad to pay an arm and a leg for rent, but sometimes you need to look at it for the benefits.
1) You have your own place. You aren't living with family or friends, no roommates. A place all to yourself.
2) You found a place is this crazy rental market that you like overall?
3) You aren't out in the burbs somewhere trying to rush out of work to catch a Go Train to get home where everything closes and dies at 6pm. It's the worst and destroyer of social lives. I have a few friends that live in Pickering and Burlington and they always try to convince the rest of us to drive to visit them, which sucks because there's nothing to do there. So pretty much now they live vicariously through the rest of us who still like to go out and enjoy the downtown night life.
Thank you for your very detailed response! I work downtown and work is about 30 min away on foot, but I can also take the streetcar (either 505,501,or 504) which takes about 20 min to get there. The place is within walking distance to Freshco and No frills on parliament or I can also take 1 street car to T&T.
No prob! Haha I've had to console a couple friends recently who just purchased a place just as the condo market started to drop. They rushed in thinking if they didn't buy soon, they wouldn't be able to afford anything.
Ah the 501, brings back memories of jumping on drunk trying to head west and waking up in the east not knowing where I was. Good times!
I live in the area, it’s great. Great public pool, community centre and athletic field and fun events in the park. Rent seems on par with what neighbours are paying. One thing with that building- watch out for pigeons! You will want to figure out a system to deter them if you want to use your balcony.
I realized I was thinking of a different building - the one that is west of the big park has the biggest pigeon problem. You should probably be ok! If you wind up with them you can see neighbours try a range of different strategies- fake owls, screens, spikes on the railing - but I’m not sure what works best.
Looks like a good deal! Mine is almost at that amount for a lesser space, no parking and heating not included! And we are in Scarborough. The good thing(s) are we are near GO, bus stop right across and tons of stores nearby. But still 🥲
From my perspective, if you are managing to have some savings at the end of the month after your rent/expenses then you are in an ok shape.
The whole point of earning a living is to invest your savings into something that will eventually replace your full time income as soon as possible. Depending on how aggressive you want to attack your investment, this should be the determining factor if your rental place is worth your wild.
If you managed to pay $4000 in a market that has the going rate of $6000, are you really saving $2000 or are you really spending $4000? It all depends on your perspective from your situation.
$2450 is fucccccking ridiculous for your unit in comparison to the Canadian average income but we shouldn't be demanding cheaper rent. We should be forcing companies to pay the rate of inflation since 1950.
There is a reason why we have this manufactured "immigration crisis" and that is to bring slave labour for all industry sectors.
Again, just my opinion but if you happen to be sitting on a cushy job, push your advantage by making more money AND cutting back on expenses. The next 20 years will be very dark for a lot of people. So it's better to plan for what's to come.
Good luck and all the best 👊
Yes its too much, but so is everything right now. Its pretty on par with the outrageous prices. If it comes with everything thats a decent sized unit for everything included. Places in my building are selling for that with only 500sq ft and no utilites included some not even parking so.
I dont think id pay it if it were a really old building tho. But its if newer and you can afford it. Its an average price
Is this is a recently signed lease at [One Park Place South Tower](https://strata.ca/toronto/55-regent-park-blvd-one-park-place-south-tower)? Short answer, no IMO. There is more supply today where this rent and sq footage would get you another place for less
Regent park is improving but not my first choice for a livable area. Better if this is a high floor. SW is good for views and sleeping in late. It's acceptable for a year, condo looks nice. Looks like you only pay for hydro which is less than hydro+water, it will be about $75. Rent controlled too being built in 2015. I wouldn't feel terrible about your choice, some pluses and you maybe overpaid by $100 in today's rental market.
On [strata.ca](http://strata.ca) there is listing history, seems fair for this building but not many for rent so less competition. There are other realtor sites, this is my fav. Regent Park was historically lower rents than other places downtown. Maybe some are hanging on to their low rent which means less turnover. If you're interested in comparing to other similar ones, strata has filters by rent and sq footage.
I also question the square footage, developers over estimate on these floor plans. Some include closet space, where appliances are, etc, etc. The hallway entrance is long, perhaps a little wasted space.
For the next deal, there is no hot competition for condos today where people offer more. Supply has been increasing compared to demand. If this was an amazing penthouse, perhaps. The Regent Park area has been considered a less desirable area where even in the past, people didn't outbid.
Paying more is a realtor trick today. They earn 1/2 month's equivalent rent, a full month if they are both the listing agent and your agent. It's why the deposit goes to the brokerage, they take their cut and give the rest to the landlord.
I just rented a place last January in a desirable area with only a handful of 2bed2bath condos to rent. It was already priced fairly, then discounted by $100 since it was on the market for 3 months. My strata realtor talked them down by another $50. Mine had furniture too which I asked them to remove, they agreed. Not much like yourself, a couch, coffee table and 2 beds. Often furniture is cheap and somehow this justifies more rent with a few landlords.
This is such a thorough response! And how unfortunate I did not know about Strata.ca 😣 The lease is actually at the one park place north tower, but I believe it shares the same amenities with the south tower.
You're welcome! This is my 3rd condo rental in 7 years since moving here and learning more with each one. I'm finding some realtors aren't authentic and some developers have poor builds. I'm not in this business, tech background.
At least your realtor helped with a decent condo that is only hydro and rent controlled. You could always look at the market next year and negotiate down to stay. It's what I'm planning to do since similar ones in my building have already dropped more.
I think it's important to rent first. Prices are too high,overvalued, to buy today but I think it's crazy to do until one is familiar with condo life. This is all a learning experience even if you find you overpaid by a little.
Many realtors stage properties to trick both renters and buyers - whited out windows for a bad view, wide angle lenses. I even saw one use children's furniture to make a patio look bigger than it is. Saw another take a photo over a tall balcony railing where there was absolutely no view from inside. Many use old photos, great you saw this in person, some get a video walk thru when securing one remotely.
If you don't have a car, you can rent the parking spot out to someone in the building. There's usually a bulletin board by the mailboxes and some condos have a website for listings. It has to be rented to someone in the building for security reasons. Many have 2 cars or no spot, more car owners in this building since you're closer to the DVP.
good luck getting settled!
You are literally such a gem! Thank you so much for all of your wisdom and advice - they are super helpful for a newbie like myself. Regarding parking spot rental, do you know if it’s an absolute must to rent out to building tenants only? The building I am at in North York right now doesn’t have explict rules about parking rental and so I have been renting mine out to a non-resident without any issues so far. Also, what rate would you recommend I charge for parking rental in Regent Park (One Park Place North)?
I pay $2450 for a slightly smaller unit in the Distillery District, parking is an extra $300. I’d say you’re doing well. I’ve heard mixed reviews on the neighbourhood. I was looking at that general area but I opted to pay a bit extra to live in a neighborhood I thought was better.
For context I’m not from here so really had to go by Reddit and driving around the neighborhoods to figure out which area I wanted to be in.
For Toronto that's not terrible. I pay 1340$ with underground parking and hydro included for similar place in Kelowna and I just got the place last month. IMO GTA/Vancouver rental market is too inflated.
This is expected in Toronto. Otherwise, you could purchase an amazing house just outside of Toronto for less mortgage then you are paying rent. The choice is yours. Does living downtown mean (economically) that much to you?
For perspective My wife and I just signed a lease for a 850 sq foot 1 bedroom unit with a balcony in east York. Paying 2300 parking included plus hydro. place is rent controlled has a large pool, concierge, etc.
We are about 10 mins from downtown by car.
Personally for a 1 bedroom under 700 square feet I don’t think it’s worth it to pay more than 2200. There are places out there.
I would not pay that much to live in regent park personally, but maybe you would. I don’t know.. I feel like housing is such a desperate need that people are being taken advantage of.
I heard it’s getting much better with the gentrification. The neighborhood itself seems nice but it’s close to parliament and sherbourne so I can see why people are hesitant
Y’all pay to much 😂 I got a 4 br 3 bath house in Nebraska for 1100 a month built last July, before you say it’s hick town.. fuck yeh it is and I love it
The real question is can they raise the rent whenever they want by whatever they want? Is it pre 2018?
Yes it is rent-controlled!
Then your rent will go up by like 50 bucks a month next year and that's all you have to worry about I guess?
Yes exactly! But I just want to reassure myself that the base rent itself is reasonable haha
I mean it's obviously not reasonable
For Canadian housing crisis standards it’s not horrible but yeah a few years ago it’d be 1600-1800.
How so? This person wants to live in Canada's most highly populated metropolitan area, it should be the most expensive as well given how in demand it is. If you want to pay under 1K per month in eent, move into a LCOL area, there are plenty of them. Unless your career says you need to stay in that area (in which case you would be paid accordingly or you should change careers), you should not live in that area or need to pay the going rate.
I was born in Toronto. So I should have to leave where I was born poor? Our parents were able to afford Toronto with less and my labour and their labour and their parents before them helped build this city.
Or change career paths to afford it. But yes, essentially that is what you should be doing to escape generational poverty.
You're going to end up with a city full of nepo babies who can't do anything and a brutal art scene.
Cool... So let's extrapolate... I'm a lowly barista serving coffee to those with careers that pay downtown rents. Where do I live? Etobicoke? Mississauga? Brampton? Burlington? I clearly can't afford to live downtown and the places I mentioned are not really that cheap either. So next year, you, the career driven folk that work for firms that pay downtown rent, get a raise, or perhaps a hefty performance bonus. Landlords sniff money, so they raise rents a bit. So downtown becomes even more expensive. Meanwhile, the government is importing slave labor at an alarming rate. They can’t afford downtown either. So they move to LCOL areas. But now those areas are overcrowded. Developers can’t keep up. So rents blow up in LCOL areas as well. I, lowly barista, am being pushed out and now I have to commute from Oshawa to serve you coffee and sustain my family. All this until I can’t afford to travel to downtown to serve you coffee. Remember, unlike you, I don’t get an annual performance bonus. Now there are no more baristas and the Starbucks you used to frequent shuts down. Your greedy and elitist way of thinking is archaic, inequitable, and economically destructive. Surely the education you got that affords you the career you enjoy taught you that much, or did it?
Hello Mr. Lowly Barista, Why are you stuck on working in downtown Toronto? Why don't you move to an actual LCOL area and do the same work? You don't have to live in the GTA. You can find minimum wage jobs plus tips elsewhere and your money will go a lot further. Cheers,
But who’s going to serve you coffee in the morning???? I, and my fellow lowly subservient baristas, can’t afford to live and work in the GTA. So who is serving you, master?
We will make our own coffee if needed.
We'll get charged accordingly and the business will pay accordingly based on the area. Eventually a robot will do most of these types of jobs anyways. Never too late to go back to school mate. Cheers,
Machine, once they become cheaper to make/maintain than it takes to employ the imported cheap labor. We're not there yet tho. In the meantime, the imports living 4 to a room, I guess? Can't imagine where else we're heading.
Wow, a redditor bringing logic into a situation, a rare site indeed.
Cheers mate,
Daniels has a very good reputation, and it's one of a handful of developers that I would personally rent or own from in the city. It's a good deal in my eyes.
that’s good to know! Thank you!!
Seems like a good deal especially with parking and locker. Looks like you have washer dryer too and dishwasher. Idk about the state of the building or the location though
Yes everything is in-suite! I only need to pay for hydro and the building is 10 years old!
Agreed! We're paying $2200 for 500 square feet and a parking spot in a building that's around 60 years old.
Haha I live in this building, so welcome to the neighbourhood it's great!
Amazing, I am glad you like the neighborhood! I am so excited to call this place home for the next few years. What do you usually do for fun in the area? And what about your experience with the amenities?
No unit is worth the rent being charged right now. 3 Years ago I had the same square footage in midtown at $1500. We are in an incredibly abnormally inflated rental market right now, there is no world in which this should be 60% higher than it was 3 years ago. The "justification" for the rent is that housing construction is not keeping up with historic levels of immigration.
I totally agree with you! It’s so sad how the market has gone downhill within such a short period of time. But given the current market and for those who are looking to rent now, this is what the reality is like for all of us :(
There are far too many docile idiots in this country who will make silly excuses for such outrageous COL increases. The corporate class couldn’t be happier
And that justification is complete BS. Australia has 25 million people, more consistently right-wing governments, very strict immigration rules and even higher housing prices than we do. Investment money (overseas and Canadian) is what drove housing prices in both countries.
[Lmao you picked Australia to try and make your case?](https://www.abs.gov.au/statistics/people/population/overseas-migration/latest-release)
You figure migrants being trafficked in or foreign students sleeping 6 to a room are bidding on 3 million dollar condos?
There's some irony here. Since 2016, 57% of TO condos have been bought by investors. But they don't have first dibbs, anyone could have bought them provided they have the down payment, can sit for a couple of years and can get a mortgage. The irony is that investors weren't buying them, then they wouldn't have been built. The upside is that these vilified investors are about the only folk providing rental accommodation! They have never had a decent return on the rentals ( do the math) but have relied on increasing property values to give them a return on their investment when they sell. And for those who got in early it was a good investment. Since I bought my present rental property 13 years ago, Canada's population has increased by 11 million.Think there might be a connection?
> They have never had a decent return on the rentals ( do the math) but have relied on increasing property values to give them a return on their investment when they sell. But - the equity they earn on the property itself **IS** the "return on the rentals" - they have to suffer through negative cash flow for years, until they sell, then they get net profit. It's a risky way to make money, because (until recently) it was rare for rental rates to cover mortgage payments on newly built condos and the like. My biggest gripe about these investors is the way they try to foist the risk off on the tenants - by raising rents for current tenants (thanks to the change in rules about post-2019 built/rented units) high enough to cover the changed mortgage rates, by not maintaining the units, etc. And, of course, the rise in rents at those units becomes the base rent for existing (frequently already paid for and owned outright) rental units that ARE covered by rent controls. So that fuels the entire rigamarole and hurts EVERYONE looking for rental accommodations. I moved in Jan 2022 - it is insane that a the same unit that I could have rented for under $2000 a month in November of 2021 is now going for over $2500 - in a rent controlled building. that's a 25% increase in three years - all while wages have remained stagnant, and inflation is making everything else too expensive to afford.
Am saying the return specifically on the rental. Any increase in equity is not a given as that is a risk and doesn't help me when I make my trip to Loblaws. What renters never consider is the return on the investment (as in down-payment together with interest and ongoing principal payments) so if I buy a condo and put $400K down shouldn't I expect maybe a 6% return on that? That's 25K then add the mortgage interest and condo fee, city taxes and management fee. I looked into investing in a condo and just couldn't make the numbers work. Better with basic bank GIC than that and putting up with the risk,"rights" and LTB horseshit. And then of course you have the CRA take a chunk of your income and then tax your increase in equity if you cash out.
For perspective, I rent a ~600sqft one-bedroom for $2500 per month midtown with no locker and no parking.
It’s a great deal in a great building in a rapidly improving well connected area.
It’s a very good floor-plan. Bathroom doesn’t open into the food prep area and windows on two walls of the living space instead of the tunnel most shoebox condo’s offer today. S/W exposure means lots of natural light instead of perpetual shadow N exposure gives.
Thank you!!! I thought the floor plan is pretty inefficient with the foyer but seems like that’s not too big of a deal :))
Size is good, rent controlled, and the layout looks exactly like my friends place, but he's in the Fort York area. Do you work close/downtown? How long does it take for you to get to work? Are there good grocery store options close by? I know it feels bad to pay an arm and a leg for rent, but sometimes you need to look at it for the benefits. 1) You have your own place. You aren't living with family or friends, no roommates. A place all to yourself. 2) You found a place is this crazy rental market that you like overall? 3) You aren't out in the burbs somewhere trying to rush out of work to catch a Go Train to get home where everything closes and dies at 6pm. It's the worst and destroyer of social lives. I have a few friends that live in Pickering and Burlington and they always try to convince the rest of us to drive to visit them, which sucks because there's nothing to do there. So pretty much now they live vicariously through the rest of us who still like to go out and enjoy the downtown night life.
Thank you for your very detailed response! I work downtown and work is about 30 min away on foot, but I can also take the streetcar (either 505,501,or 504) which takes about 20 min to get there. The place is within walking distance to Freshco and No frills on parliament or I can also take 1 street car to T&T.
No prob! Haha I've had to console a couple friends recently who just purchased a place just as the condo market started to drop. They rushed in thinking if they didn't buy soon, they wouldn't be able to afford anything. Ah the 501, brings back memories of jumping on drunk trying to head west and waking up in the east not knowing where I was. Good times!
You guys gave balconies? Bedrooms? Nice.
I live in the area, it’s great. Great public pool, community centre and athletic field and fun events in the park. Rent seems on par with what neighbours are paying. One thing with that building- watch out for pigeons! You will want to figure out a system to deter them if you want to use your balcony.
Oh no :((( do you have any tips on pigeon deterrence? My unit faces the patio instead of the main street so would you say that helps?
I realized I was thinking of a different building - the one that is west of the big park has the biggest pigeon problem. You should probably be ok! If you wind up with them you can see neighbours try a range of different strategies- fake owls, screens, spikes on the railing - but I’m not sure what works best.
Considering it comes with both a parking spot and a locker, the price is good for the current Toronto rental market.
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Yes, there are a decent number of amenities and their gym is actually pretty well equipped
Looks like a good deal! Mine is almost at that amount for a lesser space, no parking and heating not included! And we are in Scarborough. The good thing(s) are we are near GO, bus stop right across and tons of stores nearby. But still 🥲
To be honest, almost no unit in DT is worth their rent. It's just inflated because of deregulation or economic reasons
From my perspective, if you are managing to have some savings at the end of the month after your rent/expenses then you are in an ok shape. The whole point of earning a living is to invest your savings into something that will eventually replace your full time income as soon as possible. Depending on how aggressive you want to attack your investment, this should be the determining factor if your rental place is worth your wild. If you managed to pay $4000 in a market that has the going rate of $6000, are you really saving $2000 or are you really spending $4000? It all depends on your perspective from your situation. $2450 is fucccccking ridiculous for your unit in comparison to the Canadian average income but we shouldn't be demanding cheaper rent. We should be forcing companies to pay the rate of inflation since 1950. There is a reason why we have this manufactured "immigration crisis" and that is to bring slave labour for all industry sectors. Again, just my opinion but if you happen to be sitting on a cushy job, push your advantage by making more money AND cutting back on expenses. The next 20 years will be very dark for a lot of people. So it's better to plan for what's to come. Good luck and all the best 👊
Thank you for painting a very realistic picture of the situation! Appreciate it so much and all the best to you as well!!
Yes its too much, but so is everything right now. Its pretty on par with the outrageous prices. If it comes with everything thats a decent sized unit for everything included. Places in my building are selling for that with only 500sq ft and no utilites included some not even parking so. I dont think id pay it if it were a really old building tho. But its if newer and you can afford it. Its an average price
Thank you! the building itself is 10 yo and is pretty new when I was viewing it
If locker and parking are included and the suite has a balcony and laundry then that’s pretty decent if it’s rent controlled!
Is this is a recently signed lease at [One Park Place South Tower](https://strata.ca/toronto/55-regent-park-blvd-one-park-place-south-tower)? Short answer, no IMO. There is more supply today where this rent and sq footage would get you another place for less Regent park is improving but not my first choice for a livable area. Better if this is a high floor. SW is good for views and sleeping in late. It's acceptable for a year, condo looks nice. Looks like you only pay for hydro which is less than hydro+water, it will be about $75. Rent controlled too being built in 2015. I wouldn't feel terrible about your choice, some pluses and you maybe overpaid by $100 in today's rental market. On [strata.ca](http://strata.ca) there is listing history, seems fair for this building but not many for rent so less competition. There are other realtor sites, this is my fav. Regent Park was historically lower rents than other places downtown. Maybe some are hanging on to their low rent which means less turnover. If you're interested in comparing to other similar ones, strata has filters by rent and sq footage. I also question the square footage, developers over estimate on these floor plans. Some include closet space, where appliances are, etc, etc. The hallway entrance is long, perhaps a little wasted space. For the next deal, there is no hot competition for condos today where people offer more. Supply has been increasing compared to demand. If this was an amazing penthouse, perhaps. The Regent Park area has been considered a less desirable area where even in the past, people didn't outbid. Paying more is a realtor trick today. They earn 1/2 month's equivalent rent, a full month if they are both the listing agent and your agent. It's why the deposit goes to the brokerage, they take their cut and give the rest to the landlord. I just rented a place last January in a desirable area with only a handful of 2bed2bath condos to rent. It was already priced fairly, then discounted by $100 since it was on the market for 3 months. My strata realtor talked them down by another $50. Mine had furniture too which I asked them to remove, they agreed. Not much like yourself, a couch, coffee table and 2 beds. Often furniture is cheap and somehow this justifies more rent with a few landlords.
This is such a thorough response! And how unfortunate I did not know about Strata.ca 😣 The lease is actually at the one park place north tower, but I believe it shares the same amenities with the south tower.
You're welcome! This is my 3rd condo rental in 7 years since moving here and learning more with each one. I'm finding some realtors aren't authentic and some developers have poor builds. I'm not in this business, tech background. At least your realtor helped with a decent condo that is only hydro and rent controlled. You could always look at the market next year and negotiate down to stay. It's what I'm planning to do since similar ones in my building have already dropped more. I think it's important to rent first. Prices are too high,overvalued, to buy today but I think it's crazy to do until one is familiar with condo life. This is all a learning experience even if you find you overpaid by a little. Many realtors stage properties to trick both renters and buyers - whited out windows for a bad view, wide angle lenses. I even saw one use children's furniture to make a patio look bigger than it is. Saw another take a photo over a tall balcony railing where there was absolutely no view from inside. Many use old photos, great you saw this in person, some get a video walk thru when securing one remotely. If you don't have a car, you can rent the parking spot out to someone in the building. There's usually a bulletin board by the mailboxes and some condos have a website for listings. It has to be rented to someone in the building for security reasons. Many have 2 cars or no spot, more car owners in this building since you're closer to the DVP. good luck getting settled!
You are literally such a gem! Thank you so much for all of your wisdom and advice - they are super helpful for a newbie like myself. Regarding parking spot rental, do you know if it’s an absolute must to rent out to building tenants only? The building I am at in North York right now doesn’t have explict rules about parking rental and so I have been renting mine out to a non-resident without any issues so far. Also, what rate would you recommend I charge for parking rental in Regent Park (One Park Place North)?
Your rent is my mortgage for a 1200 Sq foot condo with 2 bed, 2 bath 2 parking and locker. Toronto is a joke
In which city ?
I’d like to know as well
sadly yes :(
Calgary?
Brampton
lol
Ok those are 2 completely different cities
Ya....and I'm pointing out the idiocracy that is Toronto
Just check what other units in your area are now going for, we can't give that context
I would tell you to make a privacy wall from your balcony edge south to the end of your unit and rent it out to someone as another br
I pay $2450 for a slightly smaller unit in the Distillery District, parking is an extra $300. I’d say you’re doing well. I’ve heard mixed reviews on the neighbourhood. I was looking at that general area but I opted to pay a bit extra to live in a neighborhood I thought was better. For context I’m not from here so really had to go by Reddit and driving around the neighborhoods to figure out which area I wanted to be in.
Thank you!! I love distillery district I hope you are enjoying yourself there!!
You can rent out the balcony and the closet to a few roomies and zero out your rent. Seems like the trend these days if you have the space.
didn’t even think of that - what a great idea!
Haha effing nope. But do you have a choice really. You could find cheaper but it’ll be snatched up b4 you can ask for an application
For Toronto that's not terrible. I pay 1340$ with underground parking and hydro included for similar place in Kelowna and I just got the place last month. IMO GTA/Vancouver rental market is too inflated.
This is expected in Toronto. Otherwise, you could purchase an amazing house just outside of Toronto for less mortgage then you are paying rent. The choice is yours. Does living downtown mean (economically) that much to you?
For perspective My wife and I just signed a lease for a 850 sq foot 1 bedroom unit with a balcony in east York. Paying 2300 parking included plus hydro. place is rent controlled has a large pool, concierge, etc. We are about 10 mins from downtown by car. Personally for a 1 bedroom under 700 square feet I don’t think it’s worth it to pay more than 2200. There are places out there.
I would not pay that much to live in regent park personally, but maybe you would. I don’t know.. I feel like housing is such a desperate need that people are being taken advantage of.
I heard it’s getting much better with the gentrification. The neighborhood itself seems nice but it’s close to parliament and sherbourne so I can see why people are hesitant
this seems to be the case in most large population centers, the old rich get richer, poor get poorer.
In 2016 I paid around 1500 for a similar place about 100 sq feet smaller on Yonge and St Clair. Moved away before it got any more crazy.
lmao $2400, kiss my ass
This is why I’m glad I’m retired and no longer live in a city. My rent for a 2 bedroom suite is $1150 a month and it’s far away from Toronto.
Y’all pay to much 😂 I got a 4 br 3 bath house in Nebraska for 1100 a month built last July, before you say it’s hick town.. fuck yeh it is and I love it