Listing prices climbed 16 per cent year-over-year, according to Rentals.ca, with larger jumps seen in the suburbs.
The average asking rent for a one-bedroom in the city — including listings for everything from basement units to new luxury builds — is now a whopping $2,572, and more than $3,000 for a two-bedroom. Toronto has the third highest rents of any city in the country, after Vancouver and Burnaby, B.C. Mississauga sits in fourth place at $2,362 for a one-bedroom.
People that are being priced out of the housing market and those that can’t afford to live in their homes anymore, “are now being driven to the rental market,” he said. There is also “a greater number of single family homes being listed for rent,” with many of these landlords charging “more premium rents” because they are trying to cover off a mortgage.
When it comes to purpose-built and condo apartments specifically, Oakville was actually more expensive than Toronto at $3,230 a month in June.
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