For months, rent costs in Toronto have been rising that has been prompting residents to reconsider living in the city.
According to a new research from Rentals.ca and Bullpen Research & Consulting, rent up 6.7 percent from the second-quarter average of $2,044 dollars. Toronto has the second most expensive housing market in the country, after only Vancouver’s $2,625 average.
“Many residents of Toronto have considered moving out of the city due to the high rent levels,” says the report. “If a tenant decided to move to Windsor, a unit in the 500-square-foot range would be $500 cheaper than Toronto, while a unit in the 800-square-foot range would be $900 cheaper, and a unit in the 1,000-square-foot range would be $1,300 cheaper.”
“September marked the first time this year that the average rent in Canada wasn’t cheaper than last year, as rental rates continue their upward trend,” said Ben Myers, president of Bullpen Research & Consulting. “Canada’s 10 largest municipalities all experienced quarterly rent growth, showing the recovery is not regional but nationwide. With employment returning to pre-pandemic levels and immigration picking up, expect rental rates to continue to slowly climb over the next 18 months.”
A one-bedroom apartment in Toronto currently costs $1,938 per month on average, while a two-bedroom apartment costs $2,628.
Moving just outside of the city will not save you much money on rent. Etobicoke, Mississauga, North York, and Scarborough were the third, fourth, and sixth most expensive cities in the country, respectively. This previous quarter, all of them saw rent price rises, which was common across Canada.