Average price of two bedroom apartment in Toronto hits $2,300

Toronto's real estate market might be starting to slow down, but it looks like rental prices in the city are still on the up and up.

Apartment listing website Padmapper tracks the monthly rental prices for 25 cities across Canada. According to its latest analysis, which looked at the median rent prices for one and two bedroom units in May 2017, Toronto has the second most expensive rental market in Canada - Vancouver ranked number one.

Top 10 most expensive rental markets in Canada. Survey say: @reincanada via @padmapper #vanre #yyzre #yycre pic.twitter.com/XCGpuR7x2k

— Don R. Campbell (@DonRCampbell) June 1, 2017

Since April 2017, rental prices for one bedroom units increased 2.3 percent to $1,790. Prices on two bedroom units went up 2.2 percent to $2,300. Year over year, these prices increased 14.7 percent and 15 percent, respectively.

What exactly could you get in Toronto last May? This two-bedroom basement unit in Regent Park was listed at $1,650. The one-bedroom at Dovercourt and Bloor was more indicative of the monthly median as it was listed for a cool $1,800.