So, Toronto rent prices are rising again, but it could end up being a good thing? Weird.
According to Liv's July 2022 Toronto Rent Report, the average rent prices for unfurnished one-bedroom apartments in the GTA rose by $14 in July, bringing the total up to $1,959.
Things are even pricer if you're living in downtown Toronto which now costs an average of $2,140 per month to rent an unfurnished one-bedroom unit — a 4.92% increase from last month.
The spike in rent has actually made it so furnished one-bedroom apartments across the GTA are only $6 more expensive than unfurnished ones, which is excellent news for anyone who hates trips to IKEA.
However, despite seeming like bad news on the surface, experts believe the slight uptick could be a sign that things could be tapering off.
"This minor gain could mark a cooling-off period as prices settle in at their yearly high levels, a welcome relief after last month's huge leap," the report reads. "We've seen a similar tapering in Metro Vancouver this month, so it will be interesting to see how these two key rental markets develop over the coming months."
But, where are the savings at right now, you ask? Here's a little hint, it's not Toronto, not Mississauga, and certainly not Oakville or Etobicoke.
Brampton is the cheapest GTA municipality in July 2022, with the 6ix downtown core keeping its title of "Most Stupidly Expensive Place" in the whole area.
The average price for an unfurnished one-bedroom apartment in Brampton is $1,650 monthly.
