As a direct result of Toronto rent rates continuing to rise at a rapid rate until 2022, residents in Canada’s most populated metropolis will be put in a terrible financial situation. This situation will last until the year 2022. The cost of renting a house or apartment in five Canadian cities increased by more than 20% in August compared to the same month the previous year, according to the most recent Rentals.ca National Rent Report. On this list, you’ll also discover Hamilton, which is located in the same area as the other cities. In August, the average monthly rent in Toronto was $2,694, representing an increase of 24.2% compared to the previous month’s number. Due to this, the city placed second out of a total of thirty-five cities rated by the percentage increase in rent costs.
Since August 2021, the average monthly rent for a one-bedroom apartment in the city has been $2,329 per month. Since then, this number has remained constant. This represents a 17.1 percent increase over the previous year. The rent for a two-bedroom apartment has gone up by 24.3% in the same time period as the previous statement, making it too expensive at $3,266 per month.
This accurately depicts the rental market as a whole, which includes apartment complexes, condos, and single-family homes, among many others. In August, the average monthly rent for condominiums reached $2,945, representing a large increase compared to other property types. The growth is directly attributable to the growing demand from both current and new clients. This is a monthly cost increase of $892 compared to the predicted average price of $2,053 for a condo rental in August of 2021. The average monthly rent in Mississauga and Brampton, both in the Greater Toronto Area, increased by 13.4 and 16.2 percent, to $2,348 and $2,107, respectively. The Greater Toronto Area, which is made up of all of Greater Toronto, includes these cities as parts of its geography.
The average monthly rent for a home or apartment in the province has climbed by 16 percent to $2,367, compared to the previous year’s average. In the most recent year, rental rates for one-bedroom apartments increased by 8%, while rental rates for two-bedroom apartments increased by 13%. Since the year 2020, rent costs in the province have climbed considerably. Since 2020, when they were much lower than they are now, rents in every part of the province have been steadily increasing. Prior to these ongoing price increases, the average monthly cost of a one-bedroom apartment was $2,052. However, the average monthly cost of a one-bedroom apartment has since decreased to $1,956. Since these price hikes started, the average monthly cost has gone down from $2,052 to $1,952. This shows the trend of these price hikes.