Check out the lakefront bedroom listed for $900 in today’s round of dubious rental ads in Toronto. The only drawback is that you will have to share the queen-size bed with another renter, despite the fact that it may seem like a great deal.
Anya Ettinger, a realtor in Toronto, recently shared a TikTok about the perplexing listing, and in only one day, it had close to 300,000 views.
The Facebook Marketplace item says, “Looking for an easy-going female to share the master bedroom and the one queen size bed.”
“I have been previously sharing the bedroom which only has one queen size [bed] with a flatmate I found on Facebook, and it worked out perfectly well.”
The listing specifies that the prospective renter will have to share the laundry and ensuite bathroom in addition to the shared bed.
The listing mentions that utilities as well as extras including a play area, hot tub, gym, yoga classes, and visitor day parking are included.
People’s reactions to the dodgy listing were mixed, with many expressing surprise and displeasure over why the queen-size bed wasn’t swapped out for two single beds in order to increase privacy.
“I rent a two-bedroom apartment by myself, I could look for a roommate because it’s expensive but I value my privacy too much…this is insane” a reader commented. Another remark says, “I can’t believe we’re at the point of bargaining for a shared room with twin beds.”
Fact check: The problematic real estate market in Toronto is approaching buyer territory
A far cry from the bidding battles and speedy sales of the past, Toronto’s housing market has collapsed from its flaming glory. Sales figures have dropped dramatically, properties are lying on the market for significantly longer, and sellers are willing to accept lower than asking prices.
The most recent study on the city’s real estate crisis has discovered an alarmingly high number of terminated listings in addition to the suspension of new condo buildings while investors retreat to the sidelines.
According to Strata.ca’s most recent newsletter, November sales of homes in the Greater Toronto Area (GTA) were 20% lower than in 2022, and average prices for certain property types—condos, for example—were also lower. Overall, this autumn has been colder than normal in the real estate market.
Despite the devastation caused by high mortgage rates, property prices and the market’s famously low affordability have stayed remarkably constant. However, it appears that an increasing number of sellers are choosing to remove their listings.
As the city shifts to a buyer’s market with an abundance of alternatives accessible to those with the money, some are even compelled to re-list at a cheaper price.
“While buyers may take advantage of cooling prices, sellers must readjust their expectations. Terminated listings continue to climb with 3,485 properties already pulled this month,” according to the real estate portal.
“Sellers are realizing buyers have many more listings to choose from. For instance, there are currently 9,025 condos for sale. The last time we had this much condo supply was in September 2020. As for houses, there are over 6,400 available; the highest freehold inventory in four years.”
These variables, together with the numerous others that are now acting against sellers and brokers, will likely keep the market biassed in favour of buyers. Some analysts anticipate more softening and more significant price declines in the upcoming months.
Even if affordability does slightly improve, it’s unlikely that we will ever see a Toronto that can be termed “affordable” to the great majority of people, and other Canadian cities will always remain more preferred in terms of cost of living.
However, some stakeholders have less optimistic predictions and believe that prices would only rise nationwide for all goods and services, including housing.
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