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Toronto rent increase 2022: how much an apartment costs

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According to a new rental report, average rents for all units in Toronto are up about 27% compared to last year.

of The latest from Urbanation – According to real estate research firm Rentals.ca, the average rent for all units is $2,820 per month and has been in that price range month-to-month in October.

“Toronto has had the highest annual rent growth rate over the past year among Canada’s largest markets,” says the rental report.

Average rent for a one-bedroom apartment in Toronto is $2,502 per month, while a two-bedroom apartment is $3,353 per month.

Outside of Toronto, rents for one- and two-bedroom apartments in Brampton rose 26.7% and 31%, respectively.

Rent is slightly cheaper than in Toronto, but the average one-bedroom is just over $2,100 and the two-bedroom is $2,579.

Across the Greater Toronto Area (GTA), the average cost of a 1 bedroom in Etobicoke and Mississauga is $2,214 and $2,133 per month respectively.

Outside of Hamilton, Kitchener and the GTA in London, the average rent for a one-bedroom unit is between $1,777 and $1,920 per month.

The report found that in the period since March, the Bank of Canada’s six rate hikes in that period have boosted average rents across the country by 9.2%, while benchmark resale prices have risen by nearly 10% over the same period.

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