A month's hotel stay is cheaper than renting an apartment in Toronto

While the idea of a one-month stay in a hotel may seem like an expensive proposition, it actually turns out to be cheaper than paying rent in Toronto.

The "Toronto Danforth" hotel and suites in North York offer rooms at a price of $2,000, which is approximately $600 less than the average rent for a one-bedroom unit in Toronto in October.

Kevin Porter, the manager of this hotel, stated in an interview on Friday: "The rooms in this hotel are simple and consist of a bed, bathroom, microwave, and refrigerator. There is no kitchen, but access to indoor and outdoor swimming pools and a gym is provided. Free Wi-Fi, parking, and cable are also available."

According to Porter, 60 rooms out of the hotel's 350 rooms have been allocated for this purpose, which he has been implementing since the start of the COVID-19 pandemic. Currently, around 18 rooms are occupied.

Based on a report published earlier this month by Rentals.ca and Urbanation, the average rent for a unit in Toronto has decreased by 0.8% in October compared to last year, reaching $2,908 per month.

The data indicates that Toronto is the second most expensive city in Canada for apartment rentals, following Vancouver.

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