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CURRENT MORTGAGE RATES
Term Posted
Rates
Best
Rates*
6 Month 6.00% 5.55%
1 Year 6.15% 5.10%
2 Year 6.25% 5.20%
3 Year 6.30% 5.15%
4 Year 6.40% 5.20%
5 Year 6.60% 5.25%
7 Year 6.90% 5.25%
10 Year 7.70% 5.35%
Variable Rate 4.85%
Prime Rate 5.75%
*Rates may vary provincially and are subject to change without notice.
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Renting in Toronto

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Hunting Basics for Rentals in Toronto

Renting in Toronto:
Determine your needs

Price range: Price is one the most important considerations. Decide how much you can afford or want to spend. Remember to factor in utility costs, parking and your usual monthly bills. Knowing your price range from the outset will focus your search, saving you time.

Location: It is important that the neighbourhood you choose to live in is well suited to you and your family. Consider the distance from your work place or schools. Do you mind a long commute every day? Is public transportation easily accessible? Is it a high crime area? Is it close to amenities such as grocery stores, doctor offices and the post office?

Type of rental: Consider the size of your family and the space you require for your furniture and other possessions. Will you be happy in 500 square feet or will you need 1000? Will a one-room bachelor be adequate or do you require a one, two or three bedroom rental? Typically, the larger the rental the higher the rent will be.

Features and amenities: Determine what features you need or desire in your future rental. Is an en suite or on-site laundry facility important or do you mind going to a laundromat? Does the building feature security features such as security patrols, video cameras or a controlled-access public entry? Do you want the convenience of a dishwasher, an on-site gym or pool, a balcony etc.?

Finding the perfect real estate for Renting in Toronto doesn’t happen by chance. The ability to determine your needs, identify problem areas and ask the right questions will help you make the right choice before you sign the lease. Remember, once you have signed on the dotted line you are typically committed for a year.

Inspect the rental
Never rent sight-unseen. It is essential that you tour the rental and examine it closely for any problems. Areas that warrant inspection include:

The building: What is the state of repair outside and inside? Are common areas kept clean and in good repair? Are the walls in need of paint? If maintenance appears to be lacking it could be a sign of poor building management.

The apartment: Upon entering the rental take note of general appearance and upkeep. Are the carpets or flooring worn? Are the walls cracked or in need of paint? Is there staining on the roof or walls (an indication of a water leak). Check all light switches and outlets to ensure they are working. Poor general maintenance may also be an indication of poor maintenance in other areas.

Doors and windows: Are there secure locks, a peephole and deadbolts on all outside doors? Check for drafts around windows, doors, light switches and electric outlets. If you are paying for heating, a drafty rntal could be cold and costly in winter.

The kitchen: Check faucets for water pressure and hot water. Examine the base of the faucet for leaks and look under the sink for signs of water damage. Turn on the stove and oven and check that the refrigerator, dishwasher and any other appliances are in good working order.

The bathroom: Check faucets for water pressure and hot water. Examine the base of the faucet for leaks and look under the sink and around the tub or shower stall for signs of water damage. Press gently on tile. If the tile moves, it could be a sign of water damage in the wall behind the tile. Flush the toilet to ensure it drains properly.

Second Suites in Toronto
In an effort to increase the supply of affordable housing, Toronto City Council passed a by-law last year that legalized second suites, also known as accessory apartments.

As a result, second suites are now legal in the City of Toronto in all single family and semi-detached homes, providing they meet certain criteria, including fire and building codes.

Please click on the highlighted link for a list of frequently asked questions regarding the legalization of existing second suites and the creation of new second suites in the City of Toronto. This background information was adapted from information provided by City of Toronto planning staff. For legal and zoning information on second suites in other Greater Toronto Area municipalities, please contact your local planning department.

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