Average rent prices in Toronto just jumped up again
The average Toronto rent price has been jumping its way back up since bottoming out in March of this year, and November’s numbers revealed yet another increase.
According to Zumper’s Canadian Rent Report, Toronto has kept its spot as the second priciest city in the country for rent, with November rent prices increasing for both one- and two-bedroom rentals.
The average one-bedroom rental in Toronto will now cost you $1,850 — a 2.8% increase from the month prior. One-bedroom rent prices are now down only 2.6% from November 2020.
The average price for a two-bedroom rental shot up even more, jumping 3.6% in November to $2,330. Despite the increase, two-bedroom rent prices are still down 7.9% from November of last year.
Despite these notable increases in prices, Toronto paled in comparison to Barrie’s gains. There, one-bedroom rentals jumped 4.9%, bringing the average price up to $1,700 — up a whopping 13.3% from November 2020. Barrie’s two-bedrooms went up even more in November, increasing 5% to a new average of $1,890. This brings the average two-bedroom price to 8% above November of last year’s.
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And just outside the GTA Oshawa, which only had a 1.4% price increase in one-bedroom rentals, saw the most considerable growth in two-bedroom prices, shooting up 5.10% last month. This brings the average Oshawa two-bedroom rental price to $1,840.
Kitchener was one of a handful of places to actually see a decrease in one-bedroom rent prices, with the average price dropping down 0.7% to $1,490.