Toronto's average rent spiked by more than 40% in last two years

Toronto’s rent prices, and even across the Greater Toronto Area, spiked in April. But in the last two years, Toronto’s rent alone skyrocketed by more than 40 per cent.

In a newly released national rent report from Rentals.ca and Urbanation, Canada’s average rent prices from coast to coast shot up by 20 per cent – $2,002 per month – since the pandemic low in April 2021, when renters shelled out $1,662 each month.

During that same time frame, Toronto saw a 41 per cent bump in average rent prices, the report says.

Meanwhile, Toronto’s annual rent growth sits at just over 21 per cent – reaching an average of $2,822 last month – which is the second highest across the country among its largest real estate markets.

The price for a one bedroom is sitting at an average of $2,538 a month, while two bedrooms set Torontonians back an average of $3,308 per month.

Many cities across the Greater Toronto Area saw a higher annual rent growth than Toronto, however.

Scarborough, Brampton and Markham are all noted as “hot spots” in the report – all with an over 30 per cent annual rent growth – with average rents sitting at $2,543, $2,567, and $2,554 per month, respectively.

Oakville has the highest rent among mid-sized markets at an average of $3,413 per month for condos and purpose-built apartments in April.

GTA cities take over from fifth to 12th most expensive among these markets, with Etobicoke, Mississauga, Brampton, North York, Markham, Scarborough, Burlington, and Vaughan claiming those spots.