Rent prices in Toronto have actually declined marginally for some unit types while the cost of renting an apartment elsewhere in Canada is surging to new heights, according to a new report from Rentals.ca and Urbanation.
Rates have persistently risen by nearly $200 per month across the country for the last six months, and of course, residents of the nation’s largest and most bustling cities have it the worst as far as the housing crisis is concerned.
But, if there’s one thing Toronto residents are used to, it’s an exorbitant cost of living, and our rent rates have actually been spiking less dramatically on a month-over-month and year-over-year basis compared to other Canadian locales, if that’s anything to be thankful for.
Last month, the price of a one-bedroom spot in the city actually declined — albeit by a mere 0.3 per cent — from September, hitting $2,607.
This number also represents a slight 1.7 per cent jump from October of 2022, while nearby cities like Markham, Oakville Richmond Hill saw much more substantive double-digit y-o-y hikes of 20 per cent, 19.7 per cent and 16.5 per cent, respectively.
The story is the same for two-bedrooms, with Toronto’s price increasing just 0.4 per cent from the month prior and 2.7 per cent from the same time last year — nothing compared to the 14.3 per cent y-o-y price surge for this size of apartment in Burnaby, 23.5 per cent increase in Oakville and 15.6 per cent in Mississauga.
And, while these places in the GTA remain cheaper than Toronto, it is not by an amount that would make up for not living in the downtown core: Oakville’s prices are just $83 less a month for a 1br and $87 for a 2br, while Mississauga’s are $255 less and $573 less, for these unit sizes, respectively.
— blogTO (@blogTO) October 24, 2023
Looking to other provinces, Burnaby, B.C. has yet again beat out Toronto for the title of second-most expensive metropolitan area to rent in within Canada, with a monthly rate of $2,647 for a one-bedroom and $3,341 for a two-bedroom (16.1 per cent and 14.3 per cent higher compared to last year).
Toronto long held the spot second only to Vancouver, but was surpassed by Burnaby for the first time in September.
But Toronto still remains number two for roommate rentals, with an asking price of $1,312 for the typical bedroom in a shared flat — pretty stable from last month’s average of $1,308 — compared to $966 in Ottawa, $873 in Montreal, $911 in Calgary and just $737 in Edmonton.
The average rent costs in Vancouver remain the most exorbitant overall at $1,454 for a room ($142 more than Toronto), $2,872 per month for a one-bedroom ($302 more) and $3,777 for a two-bedroom ($353 more) as the market becomes more exorbitant across the country.
Things are climbing at an especially fast past in Alberta, where apartments are now 16.4 per cent more expensive now than they were at this time last year, and in Nova Scotia, where they are 13.6 per cent pricier.
Mehome Realty Ontario Inc., Brokerage via Strata.ca