![\"\"](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2018\/01\/JPbombales-1730-compressed.jpg\")
<\/a><\/p>\nPhoto: James Bombales<\/em><\/p>\n For years, Vancouver has had the priciest rent in Canada. But according to one rental website, another city has now claimed that dubious title.<\/p>\n According to data from Padmapper, the average rent for a one-bedroom Toronto apartment came in at a whopping $2,020 in January, edging Vancouver out of the top spot by twenty dollars.<\/p>\n The change represents a massive 15.4 per cent year-over-year jump, as the city\u2019s demand for rental grows ever stronger. \u201cRising costs of home ownership and lack of new rental supply [keeps] vacancy rates at historic lows,\u201d writes Canada Mortgage and Housing Corporation market analyst Dana Sengama in a statement.<\/p>\n Meanwhile, condo rents are growing even steeper. According to an Urbanation report last week, the cost of a one-bedroom condo apartment rose 12.4 per cent quarter-over-quarter in December to reach $2,166.<\/p>\n \u201cThe continued tightening in market conditions caused rents to rise,\u201d writes Urbanation VP Shaun Hildebrand, in a statement.
\nToronto\u2019s apartment vacancy rate currently sits at 1.1 per cent, the lowest level in 16 years.<\/p>\n\n
\nHildebrand points to an increased share of re-sold condo units as a reason for the low supply, as investors take advantage of quickly rising condo prices.<\/p>\n