City of Toronto residents looking to lease their homes this summer can expect to pull in some major cash this July, thanks to the Toronto 2015 Pan Am Games.
The Pan Am games are scheduled to run from July 10 to July 26 with the prices for short-term rental properties rising sharply in Toronto and the GTA during the competition. Private renters are paying close attention to game time – using sites like Airbnb, Craigslist and Kijiji to list their homes to city outsiders.
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- $3500 for the month of the Pan Am Games (Courtesy of Craigslist.org)
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- $6500 for the month of the Pan Am Games (Courtesy of Craigslist.org)
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- $4500 for the month of the Pan Am Games (Courtesy of Craigslist.org)
With an average cost of around $2,000 per week, most places are looking to bring in almost $5,000 for the entire duration of the Games. Most rentals are located in the downtown core, close to the newly constructed Pan Am village which is situated just 45 minutes from most Game venues.
(Map not to scale)
Airbnb, a site which allows homeowners to privately rent out their space to visitors, shows a significant increase in pricing during the Pan Am Games. Below are examples of one bedroom condos listed on Airbnb:
Downtown Toronto – Lakeview Suite
- Regular price: $165 per night
- Pan Am price: $350 per night
Beautiful Bright Luxury Fun View
- Regular price: $159 per night
- Pan Am price: $237 per night
1 Bedroom Suite – Downtown Core
- Regular price: $159 per night
- Pan Am price: $250 per night
Renters can still find deals, but like most things during the summer vacation season, prices are likely to increase closer to the date.
Toronto was awarded the Games back in November 2009, the province’s first international multi-sport event since the British Empire Games in 1930. Athletes will arrive from all across Latin America, South America, the Caribbean and North America to participate in the 36 sports held throughout the Greater Toronto Hamilton Area (GTHA).
With a budget of just over $1.4 billion dollars, the third largest international multi-sport games are set to bring close to 10,000 athletes into competition. Along side them will be an estimated 250,000 tourists supporting, cheering and desperate for accommodations. The Ontario Chamber of Commerce (OCC) projects the Games will generate $3.7 billion in economic activity, and will result in roughly 26,000 new jobs.
This will be Canada’s third time hosting the Games.
