Toronto Rent Report 2022: How Much More A One & Two-Bedroom Apartment Will Cost You Now

Just when you thought Toronto rent couldn't possibly get any higher, a new rental report shows that rates have skyrocketed to new heights.

According to Rentals.ca and Urbanation's November 2022 rent report, Canada's average rent rose by 11.8% year over year in October, bringing the country's average up to $1,976, with Toronto ranking second highest on a list of 35 cities.

"The unprecedented growth in rents underway is broad-based across Canada, with most markets reporting double-digit annual rent inflation," Shaun Hildebrand, president of Urbanation, said in a press release. "The rental market keeps getting hotter with each interest rate increase, coupled with a record-high increase in the population. The need to ramp up rental supply has never been greater."

The 6ix's average monthly rent in October for a one-bedroom shot up to $2,478, with two-bedrooms apartments rising to $3,319, marking increases of 23.7% and 23.8%, respectively.

Average rents combining studios and one, two and three-bedroom condominium rentals and apartments for Toronto were up 26.8% year over year, and the cost of purpose-built and condominium apartments rose to an average of $2,820 in October.

Overall, Ontario's average rents spiked year over year by 17.7% for condos and apartments.

The only city in Canada to offer higher rental rates than Toronto is Vancouver, where a one-bedroom apartment costs an average of $2,576 a month, and a two-bedroom costs $3,521.

At the bottom of the list was Grande Prairie, Alberta, which saw residents paying an average of $968 for a one-bedroom apartment and a comparatively blissful $1,173 for two-bedroom units.

Alberta is calling, indeed.

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