Cost of renting an apartment in Toronto continues to soar
Toronto renters are really feeling the pinch right now. As the real estate market soars, so too does the rent for apartments around the city. According to new figures from Padmapper, an apartment listings site, the median cost of a one bedroom unit in Toronto has climbed to $1,550 this month. A two bedroom comes in at $,1970.
To put that into perspective, when the company started tracking this data back in June 2016, the median was $1,320. I'm not so hot at math, but I'm going to take a risk and say that increase outpaces the rate of inflation by just a little bit.
Still, despite laying claim to the title of hottest real estate market in the country, Toronto still trails Vancouver when it comes to the cost of rent. In that city, the median cost of a one bedroom rental this month is $1,870, while a two bedroom is a whopping $3,150.
If that's a window into our near future, it's a scary picture indeed.
Derek Flack
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