toronto rent

Toronto rental prices show first signs of cooling down

As Toronto home sales continue to tumble, the rental market might finally be slowing down too. After the average price for a one bedroom apartment saw months and months of steady increases, July rates have nearly flatlined.

According to Padmapper's monthly tally, the average price of a one bedroom apartment clocks in at $1,800 this month, which is up from $1,790 in June for a 0.6 percent increase.

This wouldn't be much to get excited about if it wasn't for the fact that the cost of a one bedroom in Toronto has already risen $300 so far this year. If rental prices level off, that's good news for apartment hunters out there who face a downright scary market.

The bad news for prospective renters is that two bedroom units have continued to climb at rates we're familiar with. These apartments jumped by 3 percent to reach $2,430 this month, though that number trails well behind Vancouver's national leading cost of $3,230 per month.

Lead photo by

Lori Whelan


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