The high demand for real estate in Toronto is known to everyone. Thus, anyone planning to move needs to know how quickly they can get one. So, how long does it take to find an apartment in Toronto?
There’s no specific amount of time for finding an apartment in Toronto. It can take anything from a few days to more than a month. Several factors will determine how long it takes you to get your apartment. Such factors are preferences, budget, location, mode of search, and time of the year.
Regardless of how fast or slow it takes to get your apartment, there are still things you should know about finding one in the city. This article examines the factors determining getting an apartment in Toronto and other things you need to know.
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How Quick Can You Get an Apartment in Toronto?
No particular duration as the timeline for getting an apartment in Toronto. You can get one within a few days or weeks before finding an apartment. It all depends on several factors. However, once you’re serious about finding an apartment, you can always count on getting it in little or no time.
Factors That Determine When You Will Find an Apartment in Toronto
Here are the factors that determine how quickly you get the apartment.
Budget
Toronto is known for its expensive apartments. This means you have to be ready to pay to get the apartment you want. Your ability to pay will determine how quickly you’ll find a place within your budget. If your budget is on the low end, you’ll likely spend more time before you find the apartment you’re looking for.
There’s usually someone willing and ready to pay more for a property. So, landlords have multiple options, and if you can’t pay what they want, you’ll have to look for other places. But, if you have the money and a good credit score, you can find a suitable apartment within a few days.
Type Of Home
The type of apartment you’re looking for can also determine how quickly you’ll find a place. Condos are prevalent in Toronto. This means you can find a condo quicker than a single-family home. The number of rooms may also be a factor. Bachelor apartments are the easiest to get since they’re in the least demand.
Mode of Search
The way you’re searching for an apartment can also determine how easily you get one. You can either choose to search yourself or use a real estate agent. If you’re searching for yourself, you’ll be using online platforms and your network. This might take a while if you aren’t familiar with the city.
Even if you know the city like the back of your hand, you can’t have the same access to information as a realtor. So, you have to spend time finding an apartment, confirming that it isn’t a scam before beginning negotiations for a lease. Using a real estate agent can save you time. They usually know the apartments available and will help you negotiate. The good thing is that you don’t have to pay anything to use a realtor to find an apartment for you.
Preference
Everyone has what they’re looking for in an apartment. If your preferences are very specific, finding a place that matches them may take a while. Preferences can be in terms of location, amenities, home type, cost of rent etc.
Where these preferences are restrictive, you’ll spend some time before finding an apartment that has it all, even if you use a realtor. The preferences will also affect the amount you pay for the apartment.
Time Of the Year
The time can also determine how quickly you’ll find an apartment. Even though you can find an apartment anytime, the demand is usually higher during some months of the year. May is the best month to get an apartment as it’s the month when university and college students move out after finishing exams in April. May is also the first month when the weather is really good, making it perfect for those who want to move out.
If you’re focused on saving money, between October and April is best for you. But if you want to have many options which will enable you to get a place quickly, the best time is between May and September.
Cost of Rent in Toronto
Toronto is known for its notoriously expensive real estate. Whether you’re buying a property or renting, you must be ready to pay a lot. Rental prices here are 31% higher than the provincial average. The average cost of rent in Toronto is $1,836 for a 1-bedroom apartment and $2,765 for a 2-bedroom apartment in July 2021. However, the cost of rent has declined significantly compared to last year.
Best Neighborhoods To Get Apartment Quickly
Condos are one the easiest apartments to get in Toronto. This is due to the new condo units all over the city. In addition, certain areas are condo hubs in Toronto. These’re CityPlace and Liberty Village.
CityPlace is closer to the city with only about a 30-minutes walk from the Financial District. It’ll be the largest residential development in the city when fully developed. On the other hand, Liberty Village is farther from the city center but still close enough.
Tips For Finding a Good Apartment in Toronto
These tips will help you in your search for an apartment in the city
- Use several online resources such as Facebook Market Place, View It, Pad Mapper, Rent Seeker, Realtor.ca, Craigslist, Kijiji, and Walk Score.
- Use a real estate agent to get your house faster.
- Do your research, so you know the average cost of rents.
- Have all the necessary documents, as this will make the process quicker.
- Inspect the apartment
- Be flexible with your preferences, such as location, amenities, age of the building, etc., as long as it doesn’t affect you.
- Be familiar with your rights and read through the lease to ensure no illegal or uncomfortable terms are in the leasing contract.
In Conclusion
Finding an apartment in Toronto isn’t as hard as you may think. While it’s costly, you can get an apartment within a few days if you have the money. However, several factors can cause delays, and knowing them and how to avoid them can be very helpful.