Toronto is catching up with Vancouver as Canada's most expensive place to rent

The cost of living isn't showing any indication of easing up for owners or renters in Toronto, it seems, as high interest rates and prices continue to hamper affordability in the real estate market and rents are now back on the rise, too.

According to the latest national rent report from apartment listing site Zumper, the median cost of a unit in the city has jumped for the first time in six months, with a one-bedroom unit now sitting at $2,500 and a two-bedroom now $3,200.

This marks increases of two per cent and 0.9 per cent, respectively, from March to April, and 4.2 per cent and 3.6 per cent from the same time last year.

Chart showing how median rents have changed across Canada from Zumper.

The experts point out in their analysis that rates in Vancouver and Burnaby, the other two of the country's top three priciest cities for tenants, likewise increased for the first time in many months — and that Toronto is now outpacing the latter B.C. locale, with which it has been neck-and-neck for the title of second most-expensive.

"Overall, 13 cities saw rent rise, three stayed flat, and seven fell on a monthly basis," the firm writes, adding that "it seems rent prices across many Canadian cities are beginning to pick up again as we head into the warmer months and renters begin to move, creating more demand and competition."

Toronto is now catching up to Vancouver and surpassing Burnaby as far as rent prices. Infographic courtesy of Zumper.

But, despite these recent upticks, Zumper's report predicts that the rental market nationwide should be cooler than last year's, especially with rate cuts for would-be buyers on the way, and the efforts from all levels of government to urgently introduce as much more housing to the market as possible.