Toronto rent prices have risen considerably since the pandemic, so it’s not the best time to move into the city or relocate from it.
Average prices across not only the city but the GTA at large have continued to climb steadily month-over-month for 10 of the last 11 months, and according to expert projections, are only set to keep heating up through the coming season.
After steadily falling for 15 months, prices are again on the rise as immigration returns, hybrid work models become the norm, and the things that make the city attractive – bars, restaurants, and events – open up.
Ajax, where rents dropped 1.1%, and North York, where rents did not change, were the only municipalities whose prices were higher in February than last.
For Ajax, the experts observe that “there are few condo apartments for rent, and vacancy rates are low, so the sample size of listings might not be representative.”
In Toronto and the rest of the GTA, bachelors continue to pay the highest rent per square foot, at $3.90 and $3.65 respectively.
With an average of $3.46 per square foot for condos and rental apartments, or an average of $2,317, Toronto has the highest prices in the area for all unit types.
In Toronto proper, on average, one-bedroom properties are almost 20 per cent more expensive than in the rest of the GTA – $2,040 vs. $1,706, a lot for one person to spend.
A growing number of immigrants is expected to drive rents higher in the spring of 2022 as the market continues to recover from the pandemic. Higher interest rates could discourage buyers and employers are encouraging their staff to return to their offices.
