The most expensive cities in Ontario for rent this month
Published January 16, 2024 at 3:12 pm
Apartment rents increased to record levels across Canada last year but some cities and towns are more expensive than others in Ontario.
Rents increased by nine per cent for all residential property types in Canada in 2023, according to Rentals.ca and Urbanation’s latest National Rent Report.
The average asking rent nationally reached a record high of $2,178 in December 2023 — an 8.6 per cent increase from the same period in 2022.
Canadians are paying much more than just two years ago. Over the past two years, asking rents in Canada saw a 22 per cent increase, according to the report.
“The rate of rent growth in Canada was stronger than expected in 2023, mainly due to a surge in non-permanent residents, a resilient economy, and a sharp pullback in home buying activity,” said Shaun Hildebrand, President of Urbanation.
“While rents are expected to continue rising in 2024, there should be less upward pressure on the market this year as demand increases at a somewhat slower speed and more supply is added.”
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Traditional purpose-built rental apartments reached an average asking rent of $2,076, a 12.8 per cent increase. In contrast, condominium rentals and house rentals saw relatively slower annual growth rates of 6.9 per cent and 5.9 per cent, respectively, with average rents of $2,340 and $2,354 as of December.
In Ontario, cities in the GTA have the highest rents with Toronto topping the list (third in Canada). Only Vancouver and Burnaby have higher rents.
A one-bedroom apartment in Toronto will cost about $2,521 a month, and a two-bedroom unit is $3,314, according to the report. That’s a 2.6 per cent and 3.1 per cent increase year-over-year respectively.
Mississauga is the second most expensive city to rent in Ontario and fourth in Canada (out of 35 cities in the month of December).
The average one-bedroom rent was $2,371, which was a 2.1 per cent increase month-over-month, and 10.5 per cent increase year-over-year.
The average two-bedroom rent in Mississauga was $2,749, which was a -2.9 per cent decrease month-over-month, and a 7.5 per cent increase year-over-year.
Next is North York where a one-bedroom will cost you about $2,284 and a two-bedroom was an average of $2,742.
Burlington finished sixth with an average one-bedroom rent at $2,211, which was a 0.4 per cent increase month-over-month, and 3.6 per cent increase year-over-year.
The average two-bedroom rent was $2,523, which was a -0.4 per cent decrease month-over-month, and a -0.9 per cent decrease year-over-year.
Renters will find Scarborough slightly less expensive with the average one-bedroom at $2,209 and a two-bedroom at $2,595.
Brampton is one of the least expensive options in the GTA, finishing eighth out of 35 cities in the month of December.
The average one-bedroom rent in Brampton was $2,117, which was a -2.7 per cent decrease month-over-month, and 18.5 per cent increase year-over-year, while the average two-bedroom rent was $2,410, which was a 0.7 per cent increase month-over-month, and an 11.1 per cent increase year-over-year.
Guelph and Ottawa round out the list.
Cheaper options in Ontario include Hamilton where a one-bedroom was an average of $1,825 or Niagara Falls where a one-bedroom rent was around $1,636.
See the full National Rent Report here.
Main photo: Pixabay
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