Renting a one-bedroom in Toronto is now 21.5% more expensive than the year before, according to March 2023 data from Rentals.ca. The monthly cost has also breached the $2,500 threshold, putting the Ontario capital behind just Vancouver for the most expensive rental rates in the country.
Across the country Toronto, Kitchener, Langley, Brampton, London, St. Catharines, and Calgary showed the highest year-over-year increases for one-bedroom listed rentals, while Cambridge, Halifax, Montreal, Edmonton, and Oshawa showed the lowest year-over-year increases.
The data shows that the overall average listed rental rate in the country is up 9.7% to $1,984, but rental inflation is down a cumulative 2.0% over the past three months following a peak of 12.4% in November.
The change can be attributed to an increase in home-buying demand and an increase in new listings coming from new apartment completions.
Among the provinces, Ontario showed the largest year-over-year increase at 16.2%, followed by Alberta with 14.5%. Saskatchewan showed the cheapest overall average listed rental rate at just over $1,000.
Ontario’s massive increases are causing record levels of outmigration from the province, with about 50,000 people leaving just in the past year. The high cost of living is sending young adults aged 25 to 35 to Alberta and Atlantic Canada according to the Smart Property Institute.
March 2023 data shows that the average monthly rental for a one-bedroom in Ontario is over $500 more expensive than a three-bedroom in Alberta.
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Information for this briefing was found via Rental.ca, CBC News, Twitter, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
