Average rent for two-bedroom apartments in Toronto climbed 12.5 per cent in 2016
Condo buildings in Toronto, Ont., on Nov. 21, 2015. (THE CANADIAN PRESS/Lars Hagberg)
Chris Herhalt, CP24.com
Published Wednesday, September 14, 2016 5:00PM EDT
Two-bedroom apartments showed the highest growth in average rent in Toronto over the past nine months climbing by 12.5 per cent, according to newly-released data.
According to website Rentseeker.ca, the average monthly rent for a two-bedroom apartment in Toronto rose from $1,288 to $1,450 between December 2015 and September 2016.
Average rent for a studio apartment climbed by nine per cent from $937 to $1,021. Rents for one-bedroom apartments climbed 10.5 per cent from $1,103 to $1,219.
The average rent for a three-bedroom apartment was up seven per cent, from $1,510 to $1,617.
Rents in the city remain much higher than several neighbouring suburbs when it comes to studio apartments, but the gap narrows when it comes to larger rental units.
For instance, the average rent for a one-bedroom apartment in Mississauga is only $35 less than Toronto, sitting at $1,184.
For a two-bedroom unit in Burlington, average rent is actually $1 higher than in Toronto, according to Rentseeker’s data.
The website collected data on 19 other communities in Canada, excluding markets in British Columbia. It found that rents continue to remain lowest in Quebec City and smaller cities in southwestern Ontario.
Bachelor apartments in Windsor cost an average of $535 per month. Two-bedroom units cost less than $1,100.
In Quebec City, a bachelor apartment costs an average of $546 per month.
In Graphics: average rent for bachelor apartments across Canada -
Average rent for one-bedroom apartments across Canada -
Average rent for two-bedroom apartments across Canada -
Average rent for three-bedroom apartments across Canada -