Ontario Rent Prices Have Dropped In Some Major Cities & Here's Where It's Cheapest

With the threat of rent increases in Ontario ever-looming and some of the province's biggest cities becoming more expensive by the minute, the thought of renting anywhere can be a bit daunting.

But not all hope is lost because there are actually some big cities in Ontario that have had their average rent prices drop within the last year.

According to a rent report released by Rentals.ca that looked into the average rent of Canadian properties listed on their website, the average rent for a condo or rental apartment in some Ontario cities had actually decreased between February 2021 and February 2022.

Chart of average rent prices for Februrary 2021 and 2022. Rentals.ca

If you're looking for apartments for rent in Hamilton, well, you're in luck. According to the report, the average cost of rent in the city dropped by 4% from $1,799 to $1,722 per month between February 2021 and February 2022.

Closer to the 6ix, North York was a city that also saw a slight decrease in the same time period, with prices going down by just 1%.

The report revealed that Toronto was the city with the biggest increase in rent, going up by 16% from February 2021 to February 2022 and costing renters an average of $2,312 per month.

Etobicoke also saw a similar hike in prices. As of February 2022, renters here pay an average of $2,155 per month, which is 12% more than the average price for 2021, which was $1,929 per month.

If you're not about those rent prices though, Rentals.ca noted that major Ontario cities like Mississauga, Ottawa, Kitchener and Scarborough saw lower increases, with their average rents still less than those of Toronto and Etobicoke in February.

The rent report also broke down how much renters are paying to live at their apartments in March 2022.

Here's how much Ontarians were shelling out per month on average for rent for a one-bedroom apartment in February:

1. Toronto - $2,044
2. Oakville - $1,922
3. Etobicoke - $1,860
4. Oshawa - $1,822
5. Mississauga - $1,776
6. Barrie - $1,771
7. Guelph - $1,729
8. North York - $1,724
9. Ottawa - $1,692
10. Vaughan - $1,671
11. Kitchener - $1,576
12. Brampton - $1,514
13. Hamilton - $1,514
14. Waterloo - $1,463
15. Kingston - $1,434
16. London - $1,363
17. St. Catharines - $1,276
18. Windsor - $1,238