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1. AVERAGE MONTHLY COST FOR 1 BEDROOM APARTMENT CRACKED
2. AVERAGE MONTHLY COST FOR 1 BEDROOM APARTMENT FREE

Hamilton recorded the biggest monthly jump for two-bedrooms, which were up 7.1% to $2,167.Īnnually, London experienced the largest price increase for both one and two-bedroom units. One-bedrooms in the city rose 4.5% on a monthly basis to $1,946. On a local level, the largest price increase in the province last month was seen in Mississauga. At $1,956 per month, though, it’s still lower than the $2,052 average seen in 2019. The average rent for a one-bedroom in Ontario rose 8% annually in August 2022. The average rent for a two-bedroom fell 8% between August 2019 and August 2020, but went up 13% between August 2021 and August 2022. The province experienced “strong” rent growth in 2019, but prices plummeted during the pandemic. Waterloo was the most popular city in Ontario and the second-most viewed in the country.

AVERAGE MONTHLY COST FOR 1 BEDROOM APARTMENT CRACKED

Myers noted that pageview data from Rentals.ca shows that demand for rentals has risen nearly 40% from August 2021 across Canada, and is up 70% from August 2020.īased on the data, Toronto was the eighth-most sought-after city in Canada in Q3 2022, the first time it’s cracked the top 10 since tracking began in Q4 2018.

AVERAGE MONTHLY COST FOR 1 BEDROOM APARTMENT FREE

Free rent offered as move-in incentives at these Toronto apartments (PHOTOS).Canada's real estate inventory levels may reach a "crisis point": RE/MAX.Luxury Yorkville condo sells for more than $1M under asking (PHOTOS).The national average rent hit $1,959 in August, topping the previous high of $1,954 recorded in September 2019. “With several economists calling for an extended ownership housing market correction, demand has shifted dramatically to the rental market, which is significantly undersupplied in many major Canadian municipalities.” “On a national level, average rents in August topped the pre-pandemic record high from the fall of 2019, with prospective tenants looking at properties that are $200 more expensive on average than a year earlier,” said Ben Myers, president of Bullpen Research & Consulting. Toronto’s sky-high rents made it the second-most expensive city in Canada last month, paling only to Vancouver.Ĭanada-wide, the average rent for a one-bedroom apartment is $1,628, while a two-bedroom runs $2,038. The average two-bedroom in the city now costs $3,266 per month, a monthly increase of just 0.2%, but a staggering 24.3% jump from August 2021. Rising interest rates are holding prospective homebuyers in an already “significantly” undersupplied rental market, spurring yet another month of price increases in Toronto.Īccording to the September 2022 National Rent Report from Rentals.ca and Bullpen Research & Consulting, the average rent for a one-bedroom apartment in Toronto hit $2,329 in August - a 3.2% jump from July and an annual increase of 17.1%.