Toronto poised to become most expensive rental market in Canada

A new report suggests that Toronto rental rates continue to increase as the Ontario government mulls over new rental control measures that could be tabled as early as the upcoming April 27 budget.

According to apartment listings website Padmapper, the median rent for a one bedroom in Toronto surpassed the $1,750 mark for the first time, on the heels of a 4.9 percent jump in the median price for such units this month.

Last month, the site also tracked a 4.9 percent increase. Since Padmapper began recording the median rental rates in Toronto for one and two bedroom apartments, they've risen from $1,320 and $1,650 (June 2016) to $1,760 and $2,270 in the span of 10 months.

If the trend continues, this puts Toronto on track to pass Vancouver as the most expensive rental market in the country by this summer. The median price for a one bedroom in Vancouver has hovered at $1,900 for the last three months, while Toronto's witnessed steady gains.

There may, however, be relief in sight. In addition to possible rent control measures, another recent report from Urbanation claims that rent for condo units in Toronto decreased in the first quarter of 2017.

Urbanation cites increased supply as the force behind stabilization in the market, though many would argue that the rates for condo rentals in Toronto became unaffordable long ago.