Toronto's Average Rent Rose Nearly 25% Since Last July & Other Ontario Spots Are Pricey Too

It seems like Torontonians can't escape expensive living situations in the city as both the real estate and rental markets alike are both seeing tear-jerking prices.

A recent Rentals.ca and Bullpen Research and Consulting rental report not only showed how much rent costs in Toronto and the GTA, but how much it has gone up across Ontario too.

Canadian Rental Prices Are Soaring & Here's Why #shortsyoutube.com

As per the report, Toronto's average monthly rent, for all property types, has gone up by 24% since July 2021 from $2,168 to $2,691. Ouch.

For one-bedroom apartments in Toronto specifically, rent jumped by 21.6% on a year-over-year basis with the average cost sitting at $2,257.

Etobicoke's one-bedroom apartments aren't too far off from what renters are paying in the 6ix, at $2,007 per month.

Other spots across the GTA like North York, Mississauga and Vaughan, are all seeing pretty pricey rent for the same type of unit, with an average of $1,913, $1,862 and $1,825 per month, respectively.

But, GTA renters aren't the only ones in Ontario hit hard by expensive monthly rent.

Ontario's rental rates were the second highest across the country, boasting an average of $2,332 per month (which is up by just over 15% since last year). Eek.

In Hamilton, for example, rent across all dwellings went up by an eye-watering 26% on a year-over-year basis, with average costs going from $1,664 to $2,097 in that same time frame.

One of the biggest reasons why that rent has gone up (and not just in Ontario, but across the country too) is due to the Bank of Canada's interest rate hikes, which has made it harder for prospective homebuyers to land their dream homes.

As for now, here's how much the average one-bedroom apartment costs across Ontario:

• Toronto, $2,257
• Etobicoke, $2,007
• Guelph, $1,983
• North York, $1,913
• Mississauga, $1,862
• Kitchener, $1,829
• Vaughan, $1,825
• Brampton, $1,772
• Ottawa, $1,767
• London, $1,739
• Hamilton, $1,694
• Scarborough, $1,635
• Oshawa, $1,626
• Gloucester, $1,564
• Kingston, $1,467
• Nepean, $1,454
• Windsor, $1,249

This article's cover image was used for illustrative purposes only.