Toronto's Housing Squeeze: People Have Started Renting Out 'Half Their Bed'

Toronto's Housing Squeeze: People Have Started Renting Out 'Half Their Bed'

Toronto residents are resorting to unorthodox means of subsistence in the face of rising housing costs. People are starting to list “half their bed” for rent, which is a novel trend that shows how adaptable and creative Torontonians can be even in the face of a difficult housing market.

Toronto is well-known for its thriving economy, varied communities, and lively culture. But because of the city’s increasing popularity, there is a huge demand for housing, which has driven up rental costs. A lot of people are finding it difficult to find cheap places to live, which is leading them to look at other options to help with the high expenses. 

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What Happened To Toronto’s Housing Market?

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Recent monthly data from the Canadian Real Estate Association (CREA) shows that the country’s housing market is still in decline, with fewer homes being listed and fewer sales occurring.

According to the data released by CREA on Wednesday, home sales in Canada are still on the decline, having decreased by 5.6% in October.

According to a release from CREA chair Larry Cerqua, “We’re only in November, but it appears many would-be home buyers have already gone into hibernation.” 

“The October data also showed that some sellers might postpone their plans until the following spring.”

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In addition, there were 2.3% fewer new listings in October than there were in September.

People are now renting out the “other half of the bed” in Toronto due to the housing market’s drastic decline. 

When Did This Happen?

This has been happening for quite some time.

Where Is This Happening?

Rents In Toronto Have Reached Such An All-time High That People Are Listing
Credit: Instagram

This is happening in Toronto, Canada. 

How Much Rent Are They Asking For?

A listing on Facebook Marketplace offered to rent out half of a queen bed for $650 per month. Torontonians are exhibiting fortitude and ingenuity despite a difficult real estate market. 

The trend of half-bed rentals is a prime example of the community’s inventiveness as people come up with creative solutions to deal with the growing expense of living. 

Rents In Toronto Have Reached Such An All-time High That People Are Listing
Credit: Canva

Although it might be a novel solution to a transient crisis, it highlights the necessity of more extensive discussions and initiatives to address the fundamental problems with housing affordability in the city. 

What do you think about it? Do let us know in the comments.

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Source: englishtalent.edu.vn

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