Market Insight for November 17

Rent prices in Toronto have declined marginally for some unit types while the cost of renting an apartment elsewhere in Canada is surging to new heights, according to a new report from Rentals.ca and Urbanation.

Rates have persistently risen by nearly $200 per month across the country for the last six months, and of course, residents of the nation’s largest and most bustling cities have it the worst as far as the housing crisis is concerned.

But, if there’s one thing Toronto residents are used to, it’s an exorbitant cost of living, and our rent rates have been spiking less dramatically on a month-over-month and year-over-year basis compared to other Canadian locals if that’s anything to be thankful for.

Last month, the price of a one-bedroom spot in the city declined — but by a mere 0.3 per cent — from September, hitting $2,607. This number also represents a slight 1.7 percent jump from October of 2022, while nearby cities like Markham, Oakville Richmond Hill saw much more substantive double-digit year-over-year hikes of 20 per cent, 19.7 per cent, and 16.5 percent, respectively.

The story is the same for two-bedrooms, with Toronto’s price increasing just 0.4 per cent from the month prior and2.7 per cent from the same time last year — nothing compared to the 14.3 per cent year-over-year price surge for this size of an apartment in Burnaby, 23.5 per cent increase in Oakville and 15.6 per cent in Mississauga.

Looking to other provinces, Burnaby, B.C. has yet again beat out Toronto for the title of second-most expensive metropolitan area to rent in within Canada, with a monthly rate of $2,647 for a one-bedroom and $3,341 for a two-bedroom (16.1 per cent and 14.3 per cent higher compared to last year).

Toronto long held the spot second only to Vancouver but was surpassed by Burnaby for the first time in September.

But Toronto remains number two for roommate rentals, with an asking price of $1,312 for the typical bedroom in a shared flat — pretty stable from last month’s average of $1,308 — compared to $966 in Ottawa, $873 in Montreal, $911 in Calgary and just $737 in Edmonton.

Things are climbing at an especially fast past in Alberta, where apartments are now 16.4 per cent more expensive than they were at this time last year, and in Nova Scotia, where they are 13.6 per cent pricier.