Here's how much rent is in nine regions across the GTA

Nov 13 2020, 10:18 am

Rent in the GTA continues to take a hit during the pandemic.

According to a recent report by Rentals.ca and Bullpen Research & Consulting, Toronto rents have declined 17.3% for a one-bedroom home, and 14% for a two-bedroom year-over-year.

And the average month-over-month rent for a one-bedroom is down 2.3% and down 1.5% for a two-bedroom.

However, when evaluating 35 cities, Toronto still finished second on the list for average monthly rent for a one-bedroom home in October at $1,922 and average monthly rent for a two-bedroom at $2,531.

Looking at nine regions in the GTA, they each fared differently with the cost of rent varying across regions.

North York

North York finished first on the list of 35 cities for an average monthly rent of a one-bedroom home in October at $1,945, and third for average monthly rent for a two-bedroom at $2,459.

When looking at month-over-month, the average rent for a one-bedroom was up 7% and 12.4% for a two-bedroom. Year-over-year, rents are down slightly for both one- and two-bedroom homes.

Mississauga

Mississauga came in fourth for average monthly rent for a one-bedroom home at $1,877 and seventh for average monthly rent for a two-bedroom at $2,150.

Year-over-year, average monthly rent for a one-bedroom was down 5.6% and 10.2% for a two-bedroom.

Etobicoke

Etobicoke finished fifth on the list for an average monthly rent of a one-bedroom home in October at $1,861, and fourth for an average monthly rent of a two-bedroom at $2,306.

Year over year, the average monthly rent for a one-bedroom was down 9.1% and 8.9% for a two-bedroom.

Burlington

Burlington came in sixth for average monthly rent for a one-bedroom home at $1,849 and 12th for a two-bedroom at $2,043.

York

York finished seventh on the list for average monthly rent for a one-bedroom home in October at $1,753 and fifth for average monthly rent for a two-bedroom at $2,272.

Year-over-year, average monthly rent for a one-bedroom was down 6.6% and 8.5% for a two-bedroom.

Vaughan

Vaughan came in 10th for average monthly rent for a one-bedroom home at $1,638 and average monthly rent for a two-bedroom at $2,051.

The month-over-month, average rent for a one-bedroom was down 5.3% and 3.7% for a two-bedroom. Year over year, the average monthly rent for a one-bedroom was down 13.1% and 17.5% for a two-bedroom.

Scarborough

Scarborough finished 11th on the list for average monthly rent for a one-bedroom home in October at $1,632 and 15th for a two-bedroom at $1,958.

Brampton

Brampton came in 14th for average monthly rent for a one-bedroom home at $1,567 and 17th for average monthly rent for a two-bedroom at $1,892.

Oshawa

Oshawa finished 18th on the list for average monthly rent for a one-bedroom home in October at $1,487 and 24th for average monthly rent for a two-bedroom at $1,577.

Rentals.ca

The report notes that data backs up the “Urban Exodus” theory in Ontario, with average rents declining by 8% in North York, 15% in Etobicoke, 17% in Toronto and 20% in East York, while cities such as Kitchener, Hamilton and London are still seeing double-digit rent growth during the pandemic with annual increases of 14%, 15% and 17%, respectively.

“As more tenants work from home, they continue to look for larger, but less expensive units in smaller communities. Municipalities and former municipalities in Ontario with the biggest growth in page views on Rentals.ca are; Kingston, Guelph, Windsor, Barrie, Cambridge, Whitby, Brantford, Hamilton, Burlington and Woodstock,” the reports said.

This trend is opening up more vacancies and causing lower rents for smaller units in downtown and metropolitan areas.

“The rising rents in several smaller municipalities, as well as the significant increase in web traffic on Rentals.ca in Ontario, suggests many prospective tenants are widening their search area when looking for a rental property,” Ben Myers, president of Bullpen Research & Consulting, said in a statement.

“With many choosing to go back to where they grew up or attended university to avoid the lofty Toronto area rental rates.”

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