Average cost of a one bedroom rental in Toronto drops to $1,970

Toronto is no longer the most expensive rental market in Canada, rejoice! But also consider how disturbing this information is, given that a one bedroom apartment will still cost you almost $2000 a month.

Padmapper just released its national monthly rent report for March and, for the first time in a long time, there's good news for The 6ix.

One bedroom units in Toronto are now just $1,970 a month, on average – a whopping $30 less than they were half a year ago and 4.4 per cent down from last month's average of $2,060.

After crunching the numbers from hundreds of thousands of listings, the apartment hunting website found that Vancouver had reclaimed its spot as the most expensive city in Canada with an average one bedroom rent of $2,000.

The cost of two bedrooms saw a dip in both cities, however, by 1.6 per cent and 2 per cent respectively.

It now costs around $2,500 to rent a two bedroom unit in Toronto and $3,150 for the same type of unit in Vancouver – a figure that may have helped our West Coast friends get their title back. 

Congratulations / I'm sorry, Vancouver. We're more than happy to let you take number one in this anti-competition.