Toronto leads the charts as having the most expensive rental prices across the province

By Rishika Verma

Toronto takes the top spot in having the most expensive rental market across Ontario, with the average asking rent for a one bedroom apartment being $2,360, and a two-bedroom apartment having a rent of $3,007 as of this month.

According to Rentals.ca and Urbanation, the total average asking rent across the province for all residential property types is $2,332, which is a 4.7% decline from December 2023.

"I live in a condo and I have been paying $2,100 monthly," said Hosa Baktash in an interview with S@Y News on Wednesday.

Baktash is a third semester student enrolled in Seneca’s Broadcasting Television program, and has been living by herself in her North York apartment for over a year. She believes that the price she is paying isn’t reasonable given the time of decrease in rents.

 “For $2,100 you should be able to get a two-bedroom, but I live in a one-bedroom that’s like 500-600 sq ft. which is kind of crazy,” she said.

 Last month, Rentals.ca and Urbanation reported that Toronto has seen  a seven per cent decrease on a year-over-year basis with the average asking rent of $2,632 for all rental apartments.

For a studio apartment the rate was $1,784, for a one-bedroom it was $2,126, for a two bedroom the price was $2,564, and a three-bedroom apartment was $3,008.

“I think that in about a year or two, it’s [rent] going to go back up, and you are going to be stuck in an apartment that you bought for cheap, and now it's too expensive,” said Baktash.

As Toronto is a metropolitan city, the Seneca Polytechnic student says that it's really hard to survive with groceries, and the cost of living is so expensive. She is  searching for a new apartment that is more affordable for her.

Following Toronto, the city with the next highest rents is Mississauga. According to the reports, rent for a one bedroom is $2,263 and a  two-bedroom apartment is $2,691. North York and Etobicoke take the third and fourth spots of expensive rents respectively.

Rentals.ca and Urbanation reports that shared accommodation rents have fallen. In Toronto there has been a nine per cent decrease, with average asking rent being $1,194.

“I pay $1,025 monthly for my room,” Chris Omere, a student in the sixth semester of  Seneca Polytechnic’s animation program.

Omere lives in a four-bedroom apartment unit with three other people and feels like the price she is paying could be reduced.

“We just have one bathroom and I think that it could be cheaper for the compromise that comes with it,” she told S@Y News.

Canada had experienced a significant drop in rent as it was reported that 2024 had ended with the average asking rent for all residential property types sinking down to 3.2% with the price being $2,109. 

As of January, Vancouver, B.C stands at the top of the list of the national rent rankings as the most expensive city to rent an apartment, with Saskatoon, SK having the cheapest rent in the country.