Listings seeking roommates have surged by a shocking 78% in Ontario
While rents continue to climb ever-higher in Toronto and across Canada, there is a growing glut of listings for shared accommodations from tenants trying to split their payments and homeowners scrambling to cover mortgage bills that have become unaffordable.
The number of roommate rental ads has skyrocketed in Ontario more than in any other province, increasing a staggering 78% in the last three months compared to the same time last year (versus 40% in BC and 27% in Canada at large).
The stats, which come from Rentals.ca and Urbanation’s National Rent Report for October, paint a depressing picture of how exorbitant life across the country has become, with tenants now paying an average of $2,149 nationwide, an 11.1% leap from this time last year.
“With year-over-year growth rising back into double-digits, the annual rate of rent inflation accelerated to a nine-month high,” the analysis reads.
In Toronto specifically, it will now run you $1,308 to secure a bedroom in a shared apartment — cheaper than only Vancouver, where the cost is $1,590 — and the cost of the typical one-bedroom apartment is now $2,614, rising 4.9% from October 2022, which was just a few months after consumer inflation really started hitting its runaway pace.
Listings seeking roommates in shared apartments are surging to shocking levels as residents struggle with the cost-of-living crisis (Chart from Rentals.ca and Urbanation’s National Rent Report for October 2023)
Month-over-month, however, listing prices for purpose-built rentals and condo units were actually down 0.2% for one-bedroom units. The trend followed with two-bedroom prices, which increased 4.2% year-over-year but fell 0.1% from the previous month to reach $3,411 on average.
This marks a slowdown from September’s data (which showed one-bedrooms spiking 10.5% annually and 1.1% monthly, and two bedrooms, 7.1% annually and 1.3% monthly) and also August’s, with rents accelerating at a slower pace in the city, which may be why another spot has overtaken us for average prices.
Burnaby has now beat out Toronto as the second-most-expensive place in Canada to lease in, a title we have virtually always held, save for when we’ve surpassed Vancouver to take the undesirable top spot.
Rents are reaching new highs but growing at a slower pace than in recent months, according to Rentals.ca and Urbanation’s National Rent Report for October 2023
After Vancouver’s going rates of $2,976 for a one-bedroom space and $3,908 as of this month, Burnaby’s are now $2,700 per month for the smaller type of unit and $3,411 (the same price as in Toronto) for the larger.
And, as the experts at Rentals.ca note, rents in the 6ix are now growing at the slowest pace in two years — but still growing, nonetheless.
They add that the highest-priced markets are still around downtown Vancouver and Toronto, including Oakville (where the average rent is now $2,960), Brampton ($2,704), Vaughan ($2,697), Mississauga ($2,687), Etobicoke ($2,634) and North York ($2,629).
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