It now costs almost $1,300 to have a roommate in Toronto as rent prices skyrocket
It is decidedly not a good time to be seeking any sort of accommodations in Toronto right now, as rent prices keep surging to new highs alongside inflation and mortgage rates.
The latest report from the experts at Rentals.ca paints a worrying picture of the state of the market, with prices in the city spiking yet again in July to hit $2,541 for a typical one-bedroom unit and $3,370 for a two-bedroom, marking a hike in both month-over-month and year-over-year.
What’s especially disheartening in last month’s figures — aside from a striking upwards trend in rent rates across the board — is what people in Toronto now have to pay just to have a roommate, which is their cheapest possible option and normally at least somewhat affordable, if less desirable.
According to the data, the asking rent for roommates in Toronto has peaked at $1,296 per month. This is worse than only Vancouver, where having a roomie will now cost you $1,455. The number for Ontario overall has climbed to $1,009, which is nearly 10% more than the same time last year.
July was also the first time the mean rent price across Canada passed the $2,000 mark, which is a massive jump from the far more economical rates we enjoyed during the pandemic.
As the cost of living keeps spiralling out of control, Canadians are finding it increasingly hard to make ends meet as they fork out far too much for groceries, vehicles, travel, and most other goods and services, and the pressure of higher interest rates is causing many homeowners to have to sell, rent out parts of their houses or increase rents if they already do.
It is noteworthy that this analysis only looks at studio to three-bedroom purpose-built and condominium apartments in 25 urban centres as listed on Rentals.ca.