This is how much it costs to rent an apartment in the GTA
Published Tuesday, November 22, 2022 10:48AM EST
Last Updated Tuesday, November 22, 2022 10:48AM EST
Average rents across all units in Toronto have gone up by nearly 27 per cent compared to last year, according to a new rent report.
The latest from Urbanation – a real estate research firm – and Rentals.ca reveals average rent prices across all units cost $2,820 per month, hovering around that price point month over month in October.
“Toronto has experienced the strongest annual growth in rents over the past year among Canada’s largest markets,” the rent report reads.
The average rent for a one-bedroom apartment in Toronto costs $2,502 each month, while a two-bedroom is $3,353 per month.
Outside of Toronto, rent for Brampton’s one and two-bedroom apartments shot up by 26.7 per cent and 31 per cent, respectively.
Rent is still slightly cheaper than that of Toronto, however, with the average one-bedroom costing slightly more than $2,100 and a two-bedroom $2,579 per month.
Across the Greater Toronto Area (GTA), average costs for a one-bedroom om Etobicoke and Mississauga are $2,214 and $2,133 monthly, respectively.
Outside of the GTA in Hamilton, Kitchener, and London, the average rent for one-bedroom units ranges from $1,777 to $1,920 per month.
The report notes during the period since March – with the Bank of Canada hiking its interest rates six various times in that time frame – the average rent across the country has risen by 9.2 per cent, while the benchmark resale prices in that same time fell by nearly 10 per cent.