toronto rent

It now costs $1,300 to have a roommate in Toronto as rent prices skyrocket again

It is decidedly not a good time to be seeking any sort of accommodations in Toronto right now as rent prices keep surging to new highs alongside inflation and mortgage rates.

The latest report from the experts at paints a worrying picture of the state of the market, with prices in the city spiking yet again in July to hit $2,541 for the typical one-bedroom unit and $3,370 for a two-bedroom, marking a hike both month-over-month and year-over-year.

toronto rentWhat's especially disheartening in last month's figures — aside from a striking upwards trend in rent rates across the board — is what people in T.O. now have to pay just to have a roommate, which is their cheapest option possible and normally at least somewhat affordable, albeit less desirable.

According to the data, the asking rent for roommates in Toronto has peaked at $1,296 per month; worse than only Vancouver, where having a roomie will now cost you $1,455. This number for Ontario overall has climbed to $1,009, which is nearly 10 per cent more than the same time last year.

July was also the first time that the mean rent price across Canada passed the $2,000 mark, which is a massive jump from the far more economical rates we enjoyed during the pandemic.

toronto rentAs the cost of living keeps spiraling out of control, Canadians are finding it increasingly hard to make ends meet while they fork out far too much for groceries, vehicles, travel, and most other goods and services.

The pressure of higher interest rates are also causing many homeowners to have to sell, rent out parts of their houses or increase rents if they are already a landlord.

Lead photo by

Randy McDonald

Latest Videos

Latest Videos

Join the conversation Load comments

Latest in Real Estate

The former Ontario home of a Canadian music legend is up for sale

Ontario townhouse sold at massive loss a troubling window into current market

It costs almost $2 million for this Toronto house that's only '60 per cent' finished

These Ontario cities were just ranked the best places to live in Canada

Toronto condo market in turmoil as sales plummet to 27-year low

This $7.5 million Toronto Tudor-style estate has only ever been owned by one family

This is the salary you currently need to earn to afford a home in Toronto

Yet another Toronto home sold at devastating loss after multiple failed attempts to sell