Average 1-bedroom in Toronto climbs over $2,600 with Canadian rent at all-time high
Posted September 13, 2023 9:00 am.
Last Updated September 13, 2023 9:24 am.
There’s no relief in sight for Canadian renters as the cost for people across the country to keep a roof over their heads continues to increase.
According to the latest report from rentals.ca, the average rent across Canada has hit another record-high, with the average price of a one-bedroom property increasing more than $100 a month since May to just over $2,100. It works out to a near 10 per cent spike in the national average since the same time last year.
The report attributes the surge in rent to a growing population and the increasing cost to own a home.
“Despite rental apartment completions in Canada over the past 12 months reaching their highest level since the 1970s, rent growth has remained exceptionally strong,” reads the report. “This can be attributed to the country’s record-high population growth and sharp deterioration in homeownership affordability.”
Locally in Toronto, the average rental cost for a one-bedroom has climbed above $2,600 — the second highest in the country. The number one spot goes to Vancouver with an average one-bedroom price of almost $3,000.
The rent increases in Vancouver and Toronto are actually below average despite still being the most expensive places for renters. Calgary leads Canada’s largest cities with a 17.3 per cent year-over-year average rent increase.
Alberta led all provinces for annual rent growth, with the average rent for all units up 15.6 per cent to more than $1,600. Quebec had the second highest growth at 14.2 per cent. The average asking rent in Ontario saw a nearly 10 per cent increase, rising to just shy of $2,500.
Six other GTA municipalities joined Toronto in the top 10 most expensive rental cities, with the one-bedroom average in Mississauga, Brampton, North York, Etobicoke, Burlington and Scarborough all above $2,100.
Earlier this week, the mother of a University of Guelph student told CityNews the rent for off-campus housing near the school is so high that their son planned to live in a van.
The average price for a one-bedroom in Guelph is $2,023, while a two-bedroom can go for $2,396. It ranks as the 12th most expensive city for rent in Canada, according to the latest report.
