Each month, Toronto comes on top as one of the most expensive rental cities in Canada.
While Vancouver takes first place in the monthly rental report by PadMapper, Toronto is always at its heels, trailing by less than $200 on average.
Toronto’s one and two bedroom rental prices have increased drastically over the past year, up 15.5% and 15.7% respectively. At the time of the release of the October report, one bedroom rentals went up 0.5% from September, and now cost an average of $1,940.
Meanwhile, two bedrooms dropped this month by a small 0.4% to $2,430.
And because rent fluctuates so much throughout the month, PadMapper’s October trends continue to change. At the time of publication, one bedrooms are showing at $2,100, with an increase of 5% since mid-September.
The question is, will this trend continue throughout the month and push Toronto over the $2,000 per month mark? Or will Vancouver continue to reign when it comes to Canadian rentals?
Either way, Toronto is becoming harder and harder to afford.