Everyone knows that rent in the GTA is NOT cheap! But new numbers prove what many of us already know, it’s only getting more expensive.
According to the latest National Rent Report from Rentals.ca and Urbanation, average asking rents in Canada have hit new highs for six months in a row. Nationwide, the average rent hit $2,178 in October with data showing that in the last six months, average rents have increased by 8.8 per cent, or about $175/month.
Out of 35 cities, Toronto had the third-highest average rent for a one-bedroom apartment in October, with the average rent costing about $2,607. When it came to two-bedroom units, Toronto had the second-highest average rent, coming in at around $3,424, an increase of 2.7 per cent compared to the same time last year.
Looking at all rental property types, the average rent was $2,908/month in Toronto, a decrease of 0.8 per cent, year-over-year. However, looking closely at the numbers, for a studio unit, the average rent was up 9.6 per cent year-over-year to an average of $2,099. Meanwhile, the average rent for a one-bedroom has increased 0.5 per cent, while rent for a two-bedroom is up 1.8 per cent compared to a year ago. The cost of a three-bedroom unit was down 3.4 per cent year-over-year.
Keeping our focus in the GTA, the report shows Oakville had the fourth highest average rent, with a one-bedroom costing around $2,524/month, while the average rent for an apartment with two bedrooms was $3,337. That represents an annual increase of 19.7 per cent for a one-bedroom and 23.5 per cent for a two-bedroom.
Coming in fifth is Mississauga with an average rent for a one-bedroom at $2,352, while rent for a two-bedroom averaged $2,851, representing an annual increase of 11.9 per cent and 15.6 per cent, respectively.
Richmond Hill snagged the sixth spot, having an average rent of $2,326 for a one-bedroom apartment, a 16.5 per cent increase year-over-year. Looking at a two-bedroom, the average rent was $2,685 in Oct., that’s an increase of 10.8 per cent.
In seventh place, Markham’s average rent for a one-bedroom apartment is around $2,325, up 20 per cent year-over-year. Meanwhile, for a two-bedroom, renters could expect to be charged an average of $2,604, an increase of 10.9 per cent year-over-year.
Taking the eighth spot on the list, Etobicoke’s average rent for a one-bedroom was around $2,292, while a two-bedroom average was about $2,909. That’s a year-over-year increase of 3.4 per cent and 0.3 per cent, respectively.
Brampton came in ninth with a one-bedroom costing an average of $2,195, an increase of 8.1 per cent year-over-year, while two-bedroom units average $2,515, up 1.3 per cent year-over-year, but down three per cent compared to the month prior.
Across Ontario, the average rent for all unit types was about $2,492/month on average in October, an increase of five per cent year-over-year.
