Toronto continues to be the second-most expensive rental market in Canada.
from Rentals.ca and Urbanation – a real estate research firm – which revealed that the steepest rent increases in the country, both month-over-month and year-over-year, have largely been in and around Canada’s two most expensive cities; Toronto and Vancouver.
Medium-sized cities in the Greater Toronto Area have also seen stark year-over-year increases, as have specific areas within the City of Toronto. Markets west of the GTA have also seen big rent increases compared to last year, with London and Kitchener rents up 27.9 per cent and 24.1 per cent, respectively, while markets such as Barrie and Hamilton recorded annual rent increases in the 17-19 per cent range.
Meanwhile in Montreal, Canada’s largest rental market, last month’s average rent was up by less than eight per cent compared to last year, which was the lowest increase amongst the country’s major cities.Municipal rent rates, Dec. 2022.
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