It’s common knowledge that Toronto has the most expensive rent in Canada. But a national rent report shows just how outrageous it really is.
The July report was conducted by Rentals.ca and Bullpen Research & Consulting using June data. Toronto topped the chart for the seventh month straight with a one bedroom now costing $2,266 and a two bedroom costing $2,782.
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These prices saw a mere increase of 1.6 and 1.7 per cent, respectively, month over month, but helped Toronto maintain its spot as the priciest Canadian city for renters.
In comparison, the price for a one-bedroom unit in Vancouver jumped by a notable 5.5 per cent month over month, but failed to outdo the Ontario city. The cost of a one-bed property on the west coast is more than $250 cheaper, costing an average of $1,990.
Toronto’s rental rates compared to the cheapest Canadian city for rent is also laughable. Prices in the 6ix are nearly $1,500 more expensive than in Gatineau. A one bedroom in the Quebec city is just $825.
“With the sharp rise in rental rates — especially condo rental rates — there has been an increase in purpose-built apartment construction [in Toronto],” Rentals.ca said in a press release.
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But unfortunately, new construction is not being built fast enough to keep up with demand. And with nearly 40 per cent of Toronto condos owned by investors, prices continue to climb.
To combat the expensive rental market, many tenants are now settling for smaller units, the report noted. They are also “choosing to share small suites with one or more roommates much later in life than witnessed in more affordable municipalities.”
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The average rental unit size has been on the decline. From October 2018 to June 2019, they’ve fallen from 1,010 sq. ft. to 933 sq. ft.
Nationally, the average rent across all property types was up by 1.9 per cent month over month. It now sits at $1,953. The report attributes this to the fact that children are out of school and university students have returned home, freeing up rental listings.
