Rental prices throughout Toronto have been rising for several months, causing residents to reconsider living in the city.
During the third quarter of the year, Toronto rental prices jumped to $ 2,181, according to a new report from Rentals.ca and Bullpen Research & Consulting. This marks a change of 6.7% compared to the $ 2,044 average during the second quarter. Toronto prices are the second most expensive in the country, beating only Vancouver’s average of $ 2,625.
Toronto prices plummeted in March this year and have since been slowly recovering. Although rental rates continue to fall annually — 3.2% for studios, 2.9% for one-bedroom, and 1% for two-bedroom — the constant increases and fierce competition cause some to rethink city life.
“Many residents of Toronto have considered moving out of the city due to the high rent levels,” the report reads. “If a tenant decided to move to Windsor, a 500-square-foot unit would be $ 500 cheaper than Toronto, while an 800-square-foot unit would be $ 900 cheaper and a 1,000-square-foot unit would be $ 1,300 cheaper.”
A one-bedroom in Toronto will now cost an average tenant $ 1,938 a month, while a two-bedroom will cost $ 2,628.
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Moving just beyond the city will also not find you much cheaper rentals. Etobicoke, Mississauga, North York and Scarborough all immediately followed Toronto as the third to sixth most expensive municipalities in the country. Everyone saw rents in the last quarter – something that was seen everywhere in Canada.
“September marked for the first time this year that average rents in Canada were not cheaper than last year, as rental rates continue their upward trend,” said Ben Myers, chairman of Bullpen Research & Consulting. “Canada’s 10 largest municipalities all experienced quarterly rent growth, which shows that the recovery is not regional, but nationwide. When employment returns to pre-pandemic and immigration levels, rental rates are expected to continue to rise slowly over the next 18 months. ”