Is it time to flee the 6ix?
Toronto rent prices are slowly going back up after declining during the COVID-19 pandemic, and it could be time to start packing your bags.
According to Rentals.ca, the average price of a one-bedroom apartment in the 6ix is currently just under $2,000, which is down 2.9% compared to the same period last year. However, overall rent, which is $2,181, is up 6.7% from the second quarter of 2021.
The city's blatant unaffordability has caused many to flee the GTA in search of cheaper housing, especially in the wake of lockdowns.
While Toronto currently sits at $1,938 for a one-bedroom and $2,628 for a two-bedroom, there are cheaper options around Ontario.
At the moment, the overall most affordable cities to rent in Ontario are London, Windsor, and Kingston, with one-bedroom prices listed at $1,304, $1,325 and $1,358, respectively.
"Many residents of Toronto have considered moving out of the city because of the high rent," a spokesperson for Rentals.ca told Narcity.
"If a tenant decided to move to Windsor, a unit in the 500-square-foot range would be $500 cheaper than Toronto, while a unit in the 800-square-foot range would be $900 cheaper, and a unit in the 1,000-square-foot range would be $1,300 cheaper."
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