Regent Park was one of Canada’s largest social housing neighbourhoods. Now, a studio there costs more than $2,000 to rent.
For those living in the brand new rental building at 25 Nicholas Ave., there are several amenities, including co-working spaces, an outdoor terrace and a fitness room. Steps away from the EVOLV building are the Regent Park Athletic Grounds, and the neighbourhood’s aquatic centre is a block away.
In what was once Canada’s biggest social housing neighbourhood, how did a unit for one reach this red-hot price? We spoke with our expert,This 360-square-foot studio includes a dishwasher and washing and drying machines, plus a city and park view, according to the listing on rentals.ca. The only utility included in the rent price is heating.
But what’s more is that even when compared to Toronto overall, this unit still comes out more expensive. Across the city, the average monthly price to rent a studio is $1,895 as of June — a 25 per cent increase since the same time last year,“The rental market is on fire right now,” Litchmore said. “That’s what they’re trying to get you on — the location and the finishes, the relative newness,” Litchmore said.Seeing a unit in Regent Park listed so high above market rate could be especially jarring considering the controversy surrounding the revitalization and gentrification of the area.
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