Toronto Rent Prices Have Spiked By About 20% Last Month & Ouch, Your Wallet

If you have been looking for a place to rent in Toronto, chances are you've seen some tear-jerking prices.

In a recent national rental report from Bullpen Research & Consulting Inc. and Rentals.ca, the rent costs in Toronto shot up by 19.5% in June, with units going for an average of $2,463 per month for all rental units.

While rent is almost at the $2,500 mark, the report notes that average prices have steadily declined each year, and have dropped by just over 9% since June 2021.

According to the July report, Toronto had the second highest monthly rates across the country for condos and apartments with an average of $2,345 per month. The city that beat out the 6ix for the most expensive spot is Vancouver.

"Not surprisingly, these two municipalities also sported some of the smallest average unit sizes at 743 square feet and 706 square feet [for Vancouver and Toronto,] respectively," the report reads.

Other Ontario cities with pricy rent also include Oakville, Burlington, Guelph, Cambridge, and Mississauga, which all cracked the top ten list for most expensive spots in Canada.

So, why is rent getting heavier on the wallet?

The report notes that the housing market and its "many moving parts" like rising interest rates, for example, could impact rental markets across the country.

While it couldn't forecast what will happen with the rental market during these "unpredictable times", the report notes that it expects "rent growth to continue, especially with a resale housing market correction underway, and future interest rates hikes still on the table."