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Toronto renters are paying tens of thousands of dollars to win competitive bidding wars

It took Karim and Joseph more than eight months to find a two-bedroom apartment to rent in downtown Toronto.

The high school friends, now 30 and 31 years old respectively, who did not want their last names published to avoid identifying their current landlord, started their search in July 2022. Joseph, the more experienced of the two, had already warned Karim of the “scope of how quick things happen.”

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