by: Kaitlin Hartley
Rent in Toronto is yet again on a steady rise. Since the beginning of 2022, landlords have been able to increase rent for their tenants for the first time since 2020’s freeze on rent increases. According to the Toronto March rent report, the average rent for an apartment is $2022 – which means in an average apartment, you’re paying $2.64 per square foot.
The combination of increasing rents and higher food and gas prices are making people feel the pressure. Debbie Halonen says, “I can’t afford to live on full-time wage due to inflation costs on everything. It’s ridiculous and sad all at the same time”
Rents in condos in Toronto are up to $2,163 per month on average, and a single family house is up to nearly $3,000 a month – an increase of nearly 20% in a year.
Tenants aren’t the only ones who are increasingly frustrated with inflation causing prices to soar. A landlord, who chose to remain anonymous, says, “Some of the rental prices are legitimate. Landlords have to pay increased costs just like renters do. It’s a business to turn a profit and in most cases the profit is minimal due to their increasing costs.”
The year 2020 brought many challenges as COVID-19 shut down cities everywhere, and the government responded by not allowing landlords to increase rent. Now, landlords can increase their tenant’s rent with a cap of 1.2% – which, if you’re renting a house for $2,000 in the GTA, your rent could be increased to $2,024 per month.
While the increase may seem minimal, it could be the breaking point for some. One parent in the GTA is struggling to pay her monthly bills, says,”I now have three jobs to afford my rent and food. I’m a single parent and I’m not sure how long I can keep this up.”
Currently, downtown Toronto is the second most expensive place to live in Canada. But five other communities in the GTA are also in the top ten. The reason for the rental prices going up vary from simple supply and demand, to inflation being at its highest, or it is just chalked up to ‘the economy’.
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