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 Rentals.ca 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.
What’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.
As 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.
