We already know that rental rates in Toronto are astronomically expensive, however, a new report has confirmed just how high they've gotten.
Real estate listing site Rentals.ca and Bullpen Research & Consulting released its January national rent report, which once again placed Toronto as having the highest one-bedroom average rent prices in the country.
On a national level, the average rent for one-bedrooms in Canada, according to the report, grew 4.3 year-over-year last month, with all three of the country's largest cities experiencing "significant" rent increases in 2019, with Toronto at 9%, Montreal at 25%, and Vancouver at 11%.
The average rent for a one-bedroom in Toronto hit $2,299 last month, according to the report. In terms of two-bedroom apartments, they grew even higher to $2,914.
Rentals.ca looked at 30 cities in the country and used data from all properties listed on the site in the last month.
The report’s top five markets with the highest one-bedroom rents include Toronto at $2,299, Oakville at $2,108, North York at $1,984, Mississauga at $1,971, and Vancouver at $1,949—showing that four out of five of the most expensive cities to rent a one-bedroom are all in Ontario.
On a provincial level, Ontario had the highest rental rates in the fourth quarter of 2019, with landlords seeking $2,318 per month on average for all property types.
Ontario also has the highest share of condominium apartment listings at 37% of the provincial total, while BC had the second-highest rental rate at $1,928 per month, while Newfoundland and Labrador had the lowest at $954.
Due to the increase of rent in all of Canada's major cities, the report found that younger tenants are now looking for walkable downtown communities where they can live without the expense of owning and parking a car and without having to deal with the commute.
On the other hand, to deal with affordability, young professionals are also starting to squeeze into smaller units and live with roommates well into their 30s.
But sadly, rent is expected to only get worse in 2020, especially in Ontario and British Columbia, despite an increase in new rental apartment construction, and the crackdown on empty units and AirBnB in several markets.
According to Rentals.ca, Canada’s average rental rates are expected to increase by 3% year-over-year, while in Toronto, the annual rental rate could increase by 7% in 2020.
You can find the full report here.