This is how much the average rent in Ontario rose in July
The cost of renting a home in Ontario rose more than almost every other province in Canada last month, according to a new national analysis of online listings.
The latest National Rent Report, released this week by Rentals.ca and Bullpen Research and Consulting, found Ontario ranked second when it comes to the highest average rent for all types of dwellings in July.
The only province that surpassed Ontario was British Columbia with a 19 per cent year-over-year increase.
In Ontario, the average residential rental climbed to $2,332 a month in July, marking a 3.1 per cent monthly increase and a 15.2 per cent annual bump.
A LOCAL LOOK
Overall, the average rent in central Toronto rose 24 per cent year-over-year in July.
For a one-bedroom unit, rent sat at $2,257 in July, marking a 21.6 per cent year-over-year increase in Toronto.
For a two-bedroom apartment, that increase climbed 25 per cent to $3,259.
The month-over-month average rent in the city saw a four per cent increase for a one-bedroom and 7.8 per cent for a two-bedroom.
While downtown Toronto is notorious for its expensive rental units, three of its former townships, Etobicoke, North York and Scarborough, also saw significant rent increases in July.
In Etobicoke, the average cost of renting a one-bedroom unit reached $2,007 in July and $2,582 for a two-bedroom
Year over year, that marks an 11.5 per cent increase for a one-bedroom in Etobicoke and a 9.3 per cent increase for a two-bedroom.
Over in North York, renters paid on average $1,913 for a one-bedroom last month and $2,469 for a two-bedroom suite.
Year over year, average monthly rent in July rose 14.6 per cent for a one-bedroom in North York and up 21.9 per cent for a two-bedroom.
Eastward, in Scarborough, the cost of renting a one-bedroom was $1,635 in July. Rent for a two-bedroom unit came in at $2,133.
Year over year, rent went up 3.1 per cent for a one-bedroom in Scarborough and 15.2 per cent for a two-bedroom.
The study found tenants in other parts of the GTA are also paying significantly higher rent.
In Mississauga, a one-bedroom went for $1,862 last month, while the rent for a two-bedroom came in at $2,394.
Year over year, rent rose 6.2 per cent for a one-bedroom in Mississauga and 12.4 per cent for a two-bedroom.
In Vaughan, a one-bedroom suite was $1,825 last month. Rent for a two-bedroom topped $2,396.
Year over year, that marks a 7.4 per cent increase for a one-bedroom in Vaughan and 12.5 per cent for a two-bedroom. Month over month, average rent in Vaughan was up 5.6 per cent for a one-bedroom and up 8.1 per cent for a two-bedroom.
Brampton tenants paid $1,772 for a one-bedroom apartment in July and $2,388 for a two-bedroom unit.
Year over year, rent increased 13.8 per cent for a one-bedroom in Brampton and was up 33.2 per cent for a two-bedroom. Month over month, average rent in Vaughan was up 9.6 per cent for a one-bedroom and up 16.4 per cent for a two-bedroom.
Lastly, in Oshawa, the average cost of renting a one-bedroom unit was $1,626 and $1,953 for a two-bedroom.
Year over year, that marks a 8.1 per cent jump for a one-bedroom in Oshawa and 16.8 per cent for a two-bedroom.
Outside of the GTA, monthly rent inflation rose from 24 per cent to 26 per cent in London, Hamilton and Kitchener.
CTVNews.ca Top Stories
BREAKING Honda to get up to $5B in govt help for EV battery, assembly plants
Honda is set to build an electric vehicle battery plant next to its Alliston, Ont., assembly plant, which it is retooling to produce fully electric vehicles, all part of a $15-billion project that is expected to include up to $5 billion in public money.
BREAKING New York appeals court overturns Harvey Weinstein's 2020 rape conviction from landmark #MeToo trial
New York’s highest court on Thursday overturned Harvey Weinstein’s 2020 rape conviction, finding the judge at the landmark #MeToo trial prejudiced the ex-movie mogul with improper rulings, including a decision to let women testify about allegations that weren’t part of the case.
Residents of northern Alberta First Nation told to shelter in place
Residents of John D'Or Prairie, a community on the Little Red River Cree Nation in northern Alberta, were told to take shelter Thursday morning during a police operation.
Monthly earnings rise, payroll employment falls: jobs report
The number of vacant jobs in Canada increased in February, while monthly payroll employment decreased in food services, manufacturing, and retail trade, among other sectors.
Doctors say capital gains tax changes will jeopardize their retirement. Is that true?
The Canadian Medical Association asserts the Liberals' proposed changes to capital gains taxation will put doctors' retirement savings in jeopardy, but some financial experts insist incorporated professionals are not as doomed as they say they are.
Secret $70M Lotto Max winners break their silence
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
Remains from a mother-daughter cold case were found nearly 24 years later, after a deathbed confession from the suspect
A West Virginia father is getting some sense of closure after authorities found the remains of his young daughter and her mother following a deathbed confession from the man believed to have fatally shot them nearly two decades ago.
Something in the water? Canadian family latest to spot elusive 'Loch Ness Monster'
For centuries, people have wondered what, if anything, might be lurking beneath the surface of Loch Ness in Scotland. When Canadian couple Parry Malm and Shannon Wiseman visited the Scottish highlands earlier this month with their two children, they didn’t expect to become part of the mystery.
Metro Vancouver mayors call for serial killer Robert Pickton to be denied parole
A dozen mayors from around Metro Vancouver say federal Attorney General and Justice Minister Arif Virani should deny parole for notorious B.C. serial killer Robert Pickton, and reassess the parole and sentencing system for 'prolific offenders and mass murderers.'