Toronto residents are turning to unorthodox livelihoods in the face of rising housing costs. People are starting to rent out “half their bed,” which is a new trend that shows how adaptable and creative Torontonians can be even in the face of a tough housing market.
Toronto is known for its thriving economy, diverse communities and lively culture. But due to the city’s growing popularity, there is a huge demand for housing, which has driven up rental costs. Many people find it difficult to find cheap places to live, leading them to look for other options to help with high expenses.
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- What happened to the Toronto real estate market?
- When this happened?
- Where is this happening?
- How much rent do they ask?
What happened to the Toronto real estate market?
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Recent monthly data from the Canadian Real Estate Association (CREA) shows the country’s housing market is still in decline, with fewer homes for sale and fewer sales.
According to data released by CREA on Wednesday, home sales in Canada continue to decline, after declining 5.6% in October.
According to a statement from CREA President Larry Cerqua, “It’s only November, but it appears many potential homebuyers have already gone into hibernation.”
“October data also showed that some sellers may postpone their plans until next spring.”
Furthermore, in October there were 2.3% fewer new additions to the offer than in September.
People are now renting “the other half of the bed” in Toronto due to the drastic decline in the housing market.
When this happened?
This has been happening for quite some time.
Where is this happening?
Credit: Instagram
This is happening in Toronto, Canada.
How much rent do they ask?
An ad on Facebook Marketplace offered to rent half a queen-size bed for $650 a month. Torontonians are showing strength and ingenuity despite a tough housing market.
The half-bed rental trend is a prime example of community inventiveness as people find creative solutions to address the growing expense of living.
Credit: Canva
Although it could be a novel solution to a temporary crisis, it highlights the need for broader debates and initiatives to address the fundamental problems of housing affordability in the city.
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Source: vtt.edu.vn