Average rent for Toronto apartment continues to climb

We all know Toronto's real estate market is red hot. The price of a detached home in the city is well over the $1 million mark and condo prices are going up and up too. But what about those of us who choose to rent? Apparently, prices are going up too.

According to Padmapper, which tracks the rental markets in cities across the province, the median rent for a one bedroom in Toronto in October 2016 was $1,430 - that was up 4.4 per cent since September. For two bedrooms, the median price was up 3.4 per cent to $1,820 - or as Padmapper points out, the price of a one bedroom in Vancouver.

Vancouver, of course, has the most expensive rental market in Canada, though Toronto's not too far behind. Victoria comes next, followed by Calgary and Montreal, respectively.

If you're willing to spend a bit more than average, here's what kind of apartment you can get for $1,500 in Toronto.

Photo by Lunatic Desire via the blogTO Flickr pool.