Rent prices in Toronto are finally reflecting the very little action that’s been going on in the region’s real estate market, particularly when it comes to condos.
Tenants in the city, as well as in others in the region like Hamilton, are now enjoying slightly lower monthly rates for apartments than they were both earlier in the summer and at the same time last year.
But, residents of nearby locales are not so lucky, as average rent costs are surging hard elsewhere in the province, according to the latest national rent report from Zumper.
Released on Thursday, the report shows that median rents in Toronto remain the second-highest of metropolitan areas in Canada (though other stats put Burnaby above us) — still, the average one-bedroom unit was 0.8 per cent less expensive in August than it was in July, while two-bedroom units were 0.3 per cent cheaper.
Year-over-year, these numbers were flat and down a larger 2.1 per cent, respectively. And though these declines may not seem like much to celebrate, those living in the city of Barrie saw their rent prices skyrocket by double digits compared to August 2023.
The 15 priciest urban centres in Canada to be a renter, according to Zumper’s new national rent report for September.
One-bedrooms in the smaller city, which is about an hour and a half from downtown Toronto, will now run citizens a whopping 18.2 per cent more than they did last August. The monthly cost of two-bedroom units are also up by an average of 7.3 per cent.
The only other city to see double-digit jumps was Kingston, where rents are up between 13 (for one-bedrooms) and 16 per cent (for two-bedrooms), on average, compared to the same time last year.
The Ontario-specific data shows huge price leaps in Barrie and Kingston year-over-year. Chart from Zumper.
Similar analysis of rent prices across Canada from other sources, like the one published by Rentals.ca and Urbanation on Tuesday, show slightly different prices, with Barrie apartments costing even more, but with a less substantial escalation from last year per their data.
That report also showed Ontario rents overall declining an average of 1.5 per cent between August 2023 and August 2024, but includes only purpose-built rentals and condo apartments, and uses mean averages rather than median.
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