Apartment

A look at how much it costs to rent an apartment in Toronto – Toronto

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The average rent prices for all apartments and condos in Toronto rose nearly 27% year-over-year in October, according to a new report.

The report from Rentals.ca and Urbanation — a real estate research firm — suggests the average rent price across all units in Toronto in October was $2,820, marking a 26.8% year-over-year increase.

“Toronto has seen the strongest annual rent growth over the past year among Canada’s largest markets, with one- and two-bedroom condominium rentals and average apartment rents up 24% over to a year ago to reach $2,502 and $3,353, respectively,” the report read.

According to the report, the average rent for a studio apartment in the city last month was $1,904. The average three-bedroom unit cost $4,170 in October.

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Average one-bedroom condo rent in Toronto skyrockets 20% over last year, real estate board says

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Toronto saw the third highest average rent increase in October year over year.

Burnaby, British Columbia recorded the largest increase at 29.7%. The average rent price for all units in Burnaby, British Columbia in October was $2,726.

Brampton saw the second-highest increase, with an average year-over-year rent increase in October of 28.9%.

According to the report, the average rent in Brampton for all units was $2,406 last month.

The average price of a one-bedroom apartment in Brampton jumped 26.7% year-over-year in October to $2,101, while the average rent for a two-bedroom apartment rose by 31% to $2,579, according to the report.

© 2022 Global News, a division of Corus Entertainment Inc.

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