Rent prices in Toronto are actually letting up while nearby cities skyrocket

Rent prices in Toronto have actually declined marginally for some unit types, while the cost of renting an apartment elsewhere in Canada is surging to new heights, according to a new report from Rentals.ca and Urbanation.

Rates have persistently risen by nearly $200 per month across the country for the last six months, and of course, residents of the nation’s largest and most bustling cities have it the worst as far as the housing crisis is concerned.

But, if there’s one thing Toronto residents are used to, it’s an exorbitant cost of living, and our rent rates have actually been spiking less dramatically on a month-over-month and year-over-year basis compared to other Canadian locales, if that’s anything to be thankful for.

The 20 cities with the highest average price of purpose-built apartment and condo rental units in October 2023. (Rentals.ca and Urbanation)

Last month, the price of a one-bedroom spot in the city actually declined — albeit by a mere 0.3% — from September, hitting $2,607.

This number also represents a slight 1.7% jump from October of 2022, while nearby cities like Markham, Oakville, and Richmond Hill saw much more substantive double-digit year-over-year hikes of 20%, 19.7%, and 16.5%, respectively.

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The story is the same for two-bedrooms, with Toronto’s price increasing just 0.4% from the month prior and 2.7% from the same time last year — nothing compared to the 14.3% year-over-year price surge for this size of an apartment in Burnaby, 23.5% increase in Oakville and 15.6% in Mississauga.

Rent prices have been increasing at a far faster rate in cities like Calgary and Montreal than in Toronto, though our prices remain higher. (Rentals.ca and Urbanation)

And, while these places in the GTA remain cheaper than Toronto, it is not by an amount that would make up for not living in the downtown core: Oakville’s prices are just $83 less a month for a one-bedroom and $87 for a two-bedroom, while Mississauga’s are $255 less and $573 less, for these unit sizes, respectively.

Listings seeking roommates have surged by a shocking 78% in Ontario 😬 https://t.co/J8PikAmKEx #Toronto #TorontoRealEstate

— blogTO (@blogTO) October 24, 2023

Looking to other provinces, Burnaby, BC, has yet again beat out Toronto for the title of the second most expensive metropolitan area to rent in within Canada, with a monthly rate of $2,647 for a one-bedroom and $3,341 for a two-bedroom (16.1% and 14.3% higher compared to last year, respectively).

Toronto long held the spot second only to Vancouver, but was surpassed by Burnaby for the first time in September.

But Toronto still remains number two for roommate rentals, with an asking price of $1,312 for the typical bedroom in a shared flat — pretty stable from last month’s average of $1,308 — compared to $966 in Ottawa, $873 in Montreal, $911 in Calgary and just $737 in Edmonton.

The average rent costs in Vancouver remain the most exorbitant overall at $1,454 for a room ($142 more than Toronto), $2,872 per month for a one-bedroom ($302 more) and $3,777 for a two-bedroom ($353 more) as the market becomes more exorbitant across the country.

Rents have been accelerating at a slower pace in Ontario than in other provinces. (Rentals.ca and Urbanatio)

Things are climbing at an especially fast past in Alberta, where apartments are now 16.4% more expensive now than they were at this time last year, and in Nova Scotia, where they are 13.6% pricier.