Toronto rent prices expected to shoot up another 11% in 2022
As Toronto rent prices continue to creep their way back up after bottoming out earlier this year, a new report is predicting even further increases throughout 2022.
Rentals.ca and Bullpen Research & Consulting released their December 2021 Rent Report this week, which included a few predictions of what’s to come next year. Toronto, it says, is expected to have the strongest growth out of all major cities across the country, with rent prices forecast to soar 11% to a new average of $2,495.
“This is similar to how the rental market in Toronto has performed throughout 2021, posting an annual increase of 10% this year following the major declines during the pandemic-impacted 2020,” the report reads.
As November 2021, the average rent price in Toronto sat at $2,300 — much higher than the $2,082 average seen in November of the previous year.
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The anticipated increase in 2022 Toronto rent prices far exceeds Vancouver’s 6%, Montreal’s 5%, and Calgary’s 3%. Not too surprisingly, the GTA city of Mississauga is expected to have the second-highest increase next year, with rent prices forecasted to go up 7% to an average of $2,265.
“Toward the end of 2021, the average rents across Canada have nearly recovered to the same levels seen at the start of 2020, and we expect they will continue to rise above 2019-peak levels in 2022,” the report says.