Rebounding Toronto rent prices hit new average of $2,266

Toronto rent prices continue to creep back up, hitting a new average of $2,266 in December.

The most recent National Rent Report from Rentals.ca and Bullpen Research and Consulting reveals that although Toronto rent prices are not yet back to pre-pandemic levels, the city’s average price at the end of 2021 was up nearly 10% from December 2020’s $2,046 average.

One-bedroom rentals are now averaging $2,013 — up 2.06% month-over-month and 9.22% year-over-year. Two-bedrooms, on the other hand, have shot up 11.64% annually to a new average of $2,715.

Toronto’s downtown core saw the largest gains, with some neighbourhoods shooting up as much as 25% throughout 2021. The outer neighbourhoods, however, saw much more modest growth.

“The areas of Toronto slightly farther out of the central core generally experienced middling levels of annual change, with many areas experiencing annual changes in average rent ranging from -4% to +4%,” the report reads. “There was clearly a return to prime real estate in the second half of 2021.”

Rentals.ca

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The price per square foot in Toronto also ticked upwards in 2021, rising from a low of $2.64 in December 2020 to $2.98 in December 2020.

Despite its gains, Toronto was beat out by two other Ontario cities with more expensive rents: Oakville and Vaughan, with averages of $2,473 and $2,278 respectively.