You would be paying a startling 25% more in rent each month if you signed a lease for an average-priced Toronto apartment right now than you would have if you had done so a year ago.
Such is the situation in Toronto’s rental market, which has recovered – and then some – from the historic reductions of Ontario’s lockup days.
According to the Zumper research, which is generated by monitoring rental data from hundreds of thousands of current listings throughout the country, a one bedroom apartment in Toronto now costs an average of $2,300 per month.
Curiously, rent costs for one and two bedroom apartments in Toronto stayed steady between January and February, with each showing a zero-month-over-month rise rate.
Toronto and Hamilton were the only large areas where one-bedroom rent costs remained stable, while Vancouver shared the honour for two bedrooms with Toronto.
The second most expensive city for renters in the country is Toronto, followed by Burnaby, Victoria, and Kelowna, British Columbia.