These 7 Ontario Cities Have Cheaper Rent Right Now & One-Bedroom Units For Well Under $2K
Are you tired of constantly worrying about rent increases in Ontario?
Rent prices have been on the rise in Ontario over the past few years, and if you’re looking for a new place, you might be wondering when you'll see a drop.
The good news is that new data from Rentals.ca shows that some major Ontario cities have actually experienced drops in rent prices over the past few months.
However, Ontario still leads the way with the highest annual rent inflation in Canada, with a massive 16.2% growth rate in February for purpose-built and condominium apartments.
Ontario is followed closely by Alberta and British Columbia, which experienced impressive rent increases of 14.5% and 11.4%, respectively.
According to the study, “the 12 most expensive mid-sized rental markets in February were all in Metro Vancouver and the Greater Toronto Area (GTA).”
In March, Toronto has the highest average monthly rent of $2,501. Oakville and Burlington are close behind, with average rents of $2,268 and $2,220, respectively.
Quebec and Ontario had the highest rent increases over the past three months, with Quebec experiencing a 2.9% boost and Ontario with a 1% increase. All the other provinces recorded declines in rent during the three-month period for purpose-built and condominium apartments.
These are some of the Ontario cities where rents for one-bedrooms are going for under 2K:
- Ottawa: $1,959
- Kitchener: $1,932
- Barrie: $1,929
- Cambridge: $1,870
- Brampton: $1,867
- Hamilton: $1,828
- London: $1,774
- Oshawa: $,1731
- Kingston: $1,669
- St. Catharines: $1,631
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Chart of average rent prices for Februrary 2021 and 2022. 