Toronto rents hit new record high as two-bedroom prices jump more than 25%

Toronto renters just can’t seem to catch a break as apartment prices keep soaring to new heights, with the latest numbers from September showing how drastically things have changed since this time last year.

According to rental listing site Zumper, one-bedroom units in the city just hit the highest median price ever seen on the app — $2,540, which is 1.6% more than the month prior and a whopping 21.5% pricier than in September 2022.

Two-bedroom places, meanwhile, jumped to $3,350, marking an even bigger spike of 2.4% month-over-month and 26.9% year-over-year.

While Toronto retains its title as the second most costly Canadian city to live in, other GTA locales are not very far behind, including a few that residents would never expect to see among the most expensive places in the country.

The 20 cities with the highest median rent prices as of last month. Chart from Zumper’s Canadian Rent Report.

Landlords in Kitchener, Ontario are now charging around $1,950 per month for a one-bedroom, and $2,230 for a two-bedroom, putting it in fifth place for price nationally. Ottawa is likewise in the top 10, with rents now at $1,950 for the typical one-bedroom and $2,420 for two.

Also in the most exorbitantly-priced spots for rent in Canada is Oshawa, which came in seventh. A one-bedroom apartment in the less-desirable Durham Region suburb is now $1,950, and a two-bedroom unit is $2,150.

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Only a select few cities surveyed saw rent bills drop either from the previous month and/or the same time last year: Halifax, Kingston, Kelowna, Montreal, St. Catharines, Victoria, and Saskatoon, but by marginal amounts.

Interestingly, Canada’s priciest city, Vancouver, saw one-bedroom rents fall 0.7% from August 2023, which the company says “is notable since Vancouver rent has not seen a dip since November 2022.”

How the median rent across Canada has steadily accelerated since September 2022. Graph from Zumper’s Canadian Rent Report.

Recent data from other listing sites actually show rents in the GTA to be higher than even Zumper’s figures — Rentals.ca’s latest rent report put Toronto’s average (not median) price for a one-bedroom at $2,614, and $3,411 for a two-bedroom.

Of the 35 Canadian cities ranked in that report, Oshawa only came in 20th, while Toronto, Oakville, Mississauga, Markham, Richmond Hill, Etobicoke, Guelph, and Burlington landed in the top 10 nationwide.