Toronto is a notoriously, expensive place to live. According to the Toronto Star, the average price of a one-bedroom rental is over $2,000 a month. Toronto's average monthly rent is indisputably outrageous, but hey, at least it’s not as bad as Vancouver's, right? Wrong. According to a new national rent report for May 2019, renting in certain parts of the GTA is now more expensive than out west.
The report, produced by Rentals.ca and Bullpen Research & Consulting, states that as of this month, the average price of one-bedroom rentals in Toronto, Etobicoke, and Richmond Hill’s markets are higher than Vancouver's average prices. Following closely behind Vancouver in the report is North York.
Key takeaways from the report also found that last month, Ontario had the highest rent rates in all of Canada, with landlords seeking an average of $2,189 a month, signifying an increase of 1.3% from March. In British Columbia, the average asking rent was just $1,682, with a rise of 4.4% month-over-month.
In Toronto, single bedroom apartments have been consistently more expensive this year over those in Vancouver, according to Rental.ca Content Director Paul Denison. But, reports do show that Vancouver two-bedrooms are pricier than Toronto’s. The May 2019 report indicates that two-bedroom rentals in Vancouver are $2,915 a month, while Toronto's are $2,731, on average.
Take a look at the report's national rent rankings for May 2019:
[rebelmouse-image 25936100 photo_credit="Rentals.ca" expand=1 original_size="711x167"]
In Mississauga, tenants are likely to pay around $200 less per month than in Toronto for one-bedroom and two-bedroom units, according to to the report's key findings.
Kitchener, Peterborough, and London are currently the cheapest cities in Ontario for renting. The average one-bedroom rental in London costs just $947 per month.
So, how exactly do we go about improving Toronto’s rental market? Well, according to Dr. Richard Florida, who serves as professor and Director of Cities at the Martin Prosperity Institute at the University of Toronto’s Rotman School of Management, it’s a matter of supply.
“The big issue to me in the Toronto rental market is not just price or affordability but inventory or supply,” Florida explained to Rental.ca. “We need to build a lot more rental housing at each and every price point,” he continued.
To view the full national rent report, click here.