Toronto 
Rentals.ca and Bullpen Research & Consulting have released their monthly Toronto GTA Rent Report, which analyses the state of the rental market in the most populated region in Canada.
The report finds that the rentals rates increased by an average of 19% compared to June 2021. The average rent last month was $2,403. This is also 3.1 per cent higher than the average rent in May 2022.
The median rent in GTA has increased to $2,250, but remains below the 2019 high of $2,400. The luxury market rental average cost in June was $3,400 per month and $1,550 for the least expensive properties.
Average rents for studio units increased 15 per cent year to $1,647, and that of one-bedroom units by 14 per cent to $2,008. Two-bedroom units average rental prices in June were $2,627 – an increase of 17 per cent, three-bedroom rentals rose by 12 percent to $3,100 and four-bedroom rental homes’ prices rose to $3,387.
As per the report, these are the average rents for various property types:
- Condominium rentals — $2,636
- Single-family home — $3,389
- Basement apartments — $1,815
- Townhouses — $3,085
- Apartments — $2,144.
Across GTA towns and cities, Mississauga’s condominium rentals saw the highest increase at 25 per cent year over year to $2,820 per month followed by Markham at 20 per cent to $2,469 per month and Toronto, where average monthly rent for condo rentals in June was $2,748, an increase of 19 per cent year over year.
Average rents for North York, Scarborough, York and Etobicoke condos are now $2,487, $2,344, $2,343 and $2,343 respectively.
Oakville condos saw an increase of 6 per cent annually to $2,384, while Oshawa condo rentals increase by 4 per cent to $1,787 and Vaughan average rents by 3 per cent annually to $2,224.
Bullpen Research & Consulting says GTA rents will continue to rise for the foreseeable future, but at a slower monthly rate than the record-setting previous two months.
