At this point, hearing that Toronto rent prices went up is like hearing that the sun has risen. Yes, we know, now let us sleep. But, some spikes are just too drastic to brush off.
According to Rentals.ca and Bullpen Research & Consulting's latest National Rent Report, the average rent increased more than 20% year-over-year in August in five Canadian cities for condominium rentals and apartments.
Toronto shot up to a draining $2,694 in August, marking a 24.2% increase. Unfortunately, the rest of the GTA didn't fare much better, with Mississauga and Brampton increasing to $2,348 and $2,107, respectively, marking a 16.2% and 13.4% increase.
The 6ix ranked second in a list of 35 cities for the highest monthly rent in August for a one-bedroom, $2,329, and the average monthly rent for a two-bedroom, $3,266.
The report notes that condo rental prices increased significantly year-over-year in August in Toronto as well, going "up $892 a month to $2,945 from $2,053 in August 2021."
Don't feel too bad, Torontonians, because it was Canada as a whole that saw its average rent prices top its pre-pandemic peak.
So, everyone's out here eating it.
"Demand has shifted dramatically to the rental market, which is significantly undersupplied in many major Canadian municipalities," Ben Myers, president of Bullpen Research & Consulting, said. "Rentals.ca pageview data suggests rental demand is up by nearly 40 per cent from last August nationwide, and 70 per cent from the locked-down August 2020 marketplace."
Surprisingly, in terms of sheer popularity and online page views per listing, Toronto ranked pretty low, coming in eighth on a list of 25 cities.
But also, this is the first time the 6ix has cracked the top 10 since Rentals.ca began tracking this data in Q4-2018.