There are two housing markets in Toronto that are seeing significant growth in the first half of 2017.
The most popular option is a half-priced unit.
There are also a handful of rental units available in the area, and many properties in the Downtown Eastside are looking to increase their rental options.
Here’s what you need to know about the half-price housing market in Toronto.
What is a Half-Price Housing Market?
If you live in the City of Toronto, you’re probably familiar with a half price housing market.
That is, a half of the units in your neighbourhood go for less than a half a million dollars.
The average price for a half priced unit in the city is $1,095, according to the Toronto Real Estate Board.
The average selling price for the Toronto market in 2017 was $1.26 million, according the TREB.
It’s a big difference from the citywide average of $2.07 million.
Half-priced housing market is also known as a market with no sales, or market with limited availability, according Toronto Real Property Board data.
The market is not only for people who want to live in a half or one-bedroom apartment, it’s also for those who are looking for something close to the downtown core and want a place that can fit in their lifestyle.
According to Toronto Realty Board data, there are 6,073 half-rental units available for sale in Toronto in 2017.
This is up from 6,013 units in 2016.
A quarter of these units are owned by the city, and half of them are managed by an apartment manager.
The median price of a half rental is $2,900, according an April report from TREBS.
But some units sell for $3,500, which makes them more affordable.
Renters who want the flexibility of a two-bedroom, and those looking to save money are looking at the half price market.
There are only a few places in Toronto where you can rent out a half bedroom for less, according TOB data.
In a half, you can get a one bedroom apartment for $1 for 30 days, a one-bed for $500, or a two bedroom for $2 for 30 nights.
If you’re looking to rent out one bedroom in your house, the average rent for a one and a half room in Toronto is $3.29, according a TREBB report.
A two bedroom unit rents for $4,500.
A quarter of units in Toronto have at least one parking spot, and a quarter have two parking spots, according ToB data from April.
You can find more listings on TREBs website.
The housing market has also seen growth in rental units for single parents, according Statistics Canada.
The rate of renter households with children was 6.5 per cent in 2017, up from 5.7 per cent the previous year, according StatsCan.
The number of people living alone in the home increased by 1,621 people in 2017 from the previous five years, up to 4,068, according data from Statistics Canada released in February.
The share of single parents in the Canadian population has risen from 23 per cent to 26 per cent, while the share of married people has risen by a similar amount.
The Toronto rental market is seen as the best place for people looking for affordability, according TREBO data from March.
A recent study by the Toronto Housing Association found the median rent in Toronto was $2 per square foot, up 8.6 per cent from the prior year.
The biggest increase in the number of renters over the past five years has been in the downtown area.
There has been a 23 per year increase in rental housing units, and the number is expected to increase by nearly 10 per cent over the next five years.
The vacancy rate in Toronto increased by 0.7 percentage points in the past year, up 2.3 percentage points from last year.
According to Statistics Canada, the vacancy rate for single-family houses was 5.1 per cent.
There were 1,922 single- and multi-family properties with an occupancy rate above 25 per cent last year, and there were 2,064 single- family properties with a vacancy rate above 12 per cent at the end of March.
The number of listings for a single family home rose by 4.2 per cent during the last year to 441, compared to 425 in 2016, according City of Vancouver data.
The percentage of single family homes sold was up 4.7 percent from 2016.
The city is also seeing growth in housing for seniors.
According TOB, there were a total of 864 units available last year for seniors, compared with 562 units in 2017 and 534 units in 2018.
According TOB research, the number and type of suites in the Toronto area has increased by 9.2 percent in the last five years to 2,857, compared the number for the city as a whole