There’s more rough news for Toronto renters.
Even suburban Toronto rents have surpassed what landlords are asking in Vancouver.
The latest rentals.ca report shows that the average asking rent for one-bedroom apartments available in the former Toronto borough of Etobicoke was $2,020 last month, making it second only to Toronto proper.
Toronto’s average monthly rent for a one-bedroom unit was $2,330, highlighting the premium tenants pay for a central location.
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That was an increase of 3.1 percent from July, versus Etobicoke’s 0.2-percent decline.
Vancouver had the third-highest asking rents, sinking 2.7 percent to an average of $1,973 in August.
The rest of the top 10 most expensive rents were found in the Greater Toronto Area.
The two markets with the cheapest asking rents were in Quebec.
Both Gatineau and Quebec City had average asking rents of $890 per month.
Several markets in the Prairies weren’t far off.
“August is one of the busiest months for moving in Canada, but that increased activity didn’t result in an increase in rental rates month over month,” reads the rentals.ca report authored by Ben Myers, founder of real estate consultancy Bullpen.
For all units on rentals.ca in August, including everything from basement apartments to condo units, the average rent was $1,914 a month, down 0.7 percent compared to July.
But Myers notes that since the end of 2018, Canadian rents are up 8 percent.
“However, not all the increase can be attributed to either an increase in demand or a dearth of supply,” he writes.
“Many landlords are commiting to improving their buildings via renovations and recouping those investments via higher rents.”
See the full rental ranking below: