Toronto rent prices have been notoriously high for years now, but despite typical one-bedroom units going for nearly $2500 a month, we are still not the most expensive city for tenants in Canada.
According to Rentals.ca and Urbanation’s latest report published this March 2024, Toronto just overtook Burnaby, B.C. once again to rank the second most expensive city for to rent in, with Vancouver in the top spot.
Based on last month’s findings, one-bedroom units in Toronto are now averaging around $2,495, and two-bedroom units at $3,287.
These prices actually decreased compared to the previous month, as well as the same time last year; however, rent prices across the board in Canada have jumped 10.5% year-over-year, which has been the fastest rate of annual growth since September 2023.
The average asking rent for all residential property types were $2,193 in the month of February nationwide.
Compared to Vancouver, one-bedrooms in the B.C. city are currently averaging around $2,653, and two-bedrooms for $3,541 on average.
On the lowest end of the report, one-bedrooms in Saskatoon averaged at $1,183, and two-bedrooms at $1,387.
You can see the full findings on the rentals.ca website here.