The average rent prices across all apartments and condos in Toronto rose by almost 27 per cent year-over-year in October, a new report suggests.
The report from Rentals.ca and Urbanation — a real estate research firm — suggests that the average price of rent across all units in Toronto in October was $2,820, marking a 26.8 per cent increase year-over-year.
“Toronto has experienced the strongest annual growth in rents over the past year among Canada’s largest markets, with one- and two-bedroom condominium rental and apartment average rents up 24 per cent from a year ago to $2,502 and $3,353, respectively,” the report read.
According to the report, the average rent for a studio apartment in the city last month was $1,904. The average three-bedroom unit cost $4,170 in October.
Toronto experienced the third-highest average rent increase in October year-over-year.
Burnaby, B.C. saw the highest increase at 29.7 per cent. The average price for rent across all units in Burnaby, B.C. in October was $2,726.
Brampton experienced the second-highest increase, with an average rent increase year-over-year in October of 28.9 per cent.
According to the report, the average rent in Brampton across all units was $2,406 last month.
The average price of a one-bedroom apartment in Brampton jumped by 26.7 per cent year-over-year for October to $2,101, while the average rent for a two-bedroom unit rose by 31 per cent to $2,579, the report said.