It now costs nearly $600 more to rent a Toronto apartment than one year ago Toronto TorontoRealEstate RealEstate
for August highlights an alarming increase in rental prices in the region, with the monthly cost to rent a unit in the combined 416 and 905 rising 21 per cent compared to the previous year.That's a whopping $430 year-over-year increase for renters.
The August average rent sat 9.1 per cent above the pre-pandemic high-average of $2,715, witnessed in August 2019. Driven in part by inflation and the Bank of Canada increasing interest rates, rental price averages in the region are now over 28 per cent higher than the lows experienced in the darkest days of the pandemic.
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