Toronto rental market 2nd most expensive in Canada
Renting an apartment in Toronto is one expensive task, as almost anyone who's ever done it can testify. But just how pricey is it? From a national perspective, the city's rental market is the second most expensive out there, trailing only Vancouver for the wallet-clearing crown.
That ranking isn't particularly surprising. Most are aware that these two cities have the country's hottest real estate markets and some of the lowest vacancy rates for rental units, two factors that contribute to skyrocketing rates.
Apartment listing site Padmapper has published monthly rent reports since June 2016, during which time Vancouver and Toronto have been locked in the top spots for most expensive markets in the country. Meanwhile, third place has rotated between Victoria and Calgary.
From a numbers standpoint, Vancouver rental rates for a one-bedroom apartment have hovered between $1,700 and $1,750 over this four month period while Toronto rates have ranged from $1,310 to $1,350. The difference is even more pronounced when it comes to two bedrooms, with Vancouver listings averaging over $1,000 more a month.
While there have been minor changes during the period that Padmapper has published their data, there are no signs of major change on the way. In other words, if you're in the rental market in either of these two cities, prepare to fork out some serious cash for a half decent apartment.
How much do you pay to rent in Toronto? Share your horror stories in the comments.
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