There doesn’t seem to be any sign of Toronto’s rental marking cooling down anytime soon, as new data indicates that the median price for a two bedroom apartment has passed the $ 2,500 mark.
A new report from apartment listing site Padmapper shows that Toronto two bedroom rental prices inched up 1.2 per cent this month to average around $ 2,550, while one bedrooms weren’t far behind, up 2 per cent to $ 2,060.
When compared with other cities, Toronto now holds strong as the most expensive rental market in the country, with Vancouver’s rates fluctuating as one bedrooms fell to $ 1,990 and two bedrooms rounded out to a whopping $ 3,200.
The sliver lining might be that the discrepancy between Toronto’s one bedroom and two bedroom rates are not off by much, which is something you can’t say about Vancouver. Still, the combination of a low vacancy rate and soaring prices leaves our rental market looking bleak.
All this means is that if you’re still trying to figure out how you’re going to afford your phone bill, you may want to explore all viable living options.