Rent in Toronto just hit a two-year high | Daily Hive

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Another month, another rise in Toronto rents. The latest increase brings the cost of living in the city to a two-year high.

According to Zumper’s July 2022 Canadian Rent Report, the median rent for a one-bedroom in the city reached $2,100 last month, the highest it’s been since July 2020.

Not quite back to pre-pandemic levels, the figure marks a monthly increase of 5.0% and an annual jump of 22.8%.

At $2,700, the median price of a two-bedroom in Toronto increased 22.7% year-over-year in July but was up just 2.7% from June.

Toronto’s sky-high rents have made it, once again, the second-most expensive city in Canada, bowing only to Vancouver.

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While rent rose significantly in Toronto, other parts of Ontario saw even steeper gains.

Of the 24 cities included in Zumper’s report, the largest monthly price increase, and second-largest annual increase, was seen in Windsor.

In July, rent for a one bedroom in the city hit $1,350, a 6.3% increase from June, and a staggering 25% rise from July 2021. Despite the notable jump, though, Windsor is home to the cheapest rent in Ontario.

St. Catharines also saw a sizable price increase in July — the median rent for a one-bedroom climbed 5.4% month-over-month to $1,550. In Kingston, prices rose 4.6% to $1,590. On an annual basis, prices were up by more than 19% in both cities.

On the other hand, some Ontario cities got cheaper in July.

The largest monthly price decline in the province, and fifth overall, was seen in Barrie. The median rent for a one-bedroom unit fell 5.1% to $1,670 and was down 3.5% annually.

Oshawa was the only other city in the province where rent got cheaper in July — prices dropped 0.6% to $1,690 but were up 6.3% from July 2021.

Overall, just five of the cities in Zumper’s report saw rent decline on a monthly basis in July, while 18 experienced price growth. In Saskatoon, the price of rent remained unchanged.

“The majority of the priciest markets, besides Toronto, have either hit or surpassed their respective pre-pandemic rent prices, which shows that the mounting demand for rentals has not been met with enough supply in many markets,” Zumper said of its report.

“With employment rates staying strong and rising interest rates, competition for rentals will only continue to grow, furthering the trend of rising prices, especially as we get deeper into the summer moving season.”

Zumper