Back in July, Better Dwelling reported that nearly half of Toronto couldn’t afford a one bedroom and the Canadian Centre for Policy Alternatives recommended that the minimum wage be raised. Back then, the rent was just $2,290 – a number that had risen by 2.7 per cent from the previous month.
Now a one-bedroom has crossed the $2300 threshold. At $2,314, an average one-bedroom in Canada’s most populous city is a stretch for most people. According to the National Rental Report created with data from Rentals.ca and Bullpen Consulting, this is the highest it’s ever reached. So, if you happen to be one of the lucky ones who has an affordable unit – do not leave!
In fact, the housing situation has now become so bleak that couples are even avoiding breaking up. With a two-bedroom now costing upwards of $2,966 this past November, it’s a crisis that has huge implications for the thousands of students who come to Toronto for college or university.
Remarkably, this price isn’t the highest in the country. Toronto ranks as the second most expensive of the 34 cities listed, only behind Vancouver. But anyone considering moving to the big city best educate themselves first.
The report highlights some dismal predictions for 2020 – such as the fact that the average monthly rent in Toronto is likely to increase by 7 per cent — though average rents for Canada are only expected to increase by 3 per cent.
“After two years of unprecedented rent growth, which included several markets where average rents increased by 20 [per cent] or more, we do expect some moderation in 2020,” said Matt Danison, CEO of Rentals.ca, in a statement.
“There should be some supply relief in the Greater Toronto Area in 2020, but Rentals.ca and Bullpen expected average rental rates for all property types in Toronto and Mississauga to increase by 7 [per cent] to 8 [per cent] next year.”
Overall in 2019, the average rent in Toronto was $2,504 per month – that’s across various types of housing – a number slated to increase to $2,800.