If you happen to be one of the lucky Toronto residents whose building is still somewhat affordable, hold on to that apartment and never let it go because the average monthly rent for a one-bedroom is now $2,314.
Average monthly rent in Toronto for a two-bedroom was $2,966 in November, according to the report, placing the city as second most expensive of the 34 cities listed, only behind Vancouver.
I never leave my apartment or go out because Toronto rent is expensive so I’m getting my moneys worth— ween (@queenween123) November 30, 2019
And sadly, it doesn’t end there.
The report also includes predictions for 2020 and the average monthly rent in Toronto is forecast to increase by 7 per cent — though average rents for Canada are only expected to increase by 3 per cent.
Still, 7 per cent isn’t actually terrible compared to previous years.
“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 increased by 7 [per cent] to 8 [per cent] next year.”
The report indicates that in November of 2018, the average rental rate in Toronto was $2,385 for all property types listed on Rentals.ca.
Might just live in a van/trailer too Toronto rent is too fkn expensive 🤷🏽♀️— jayjay✨ (@JasminJonesss) November 6, 2019
That number increased to $2,591 for November 2019, which is an annual increase of 8.6 per cent.
Overall in 2019, the average rent in Toronto was $2,504 per month.
And although the linear forecast calls for the average Toronto rent to surpass $2,800 in 2020, Rentals.ca and Bullpen expect the average rent in December 2020 to be $2,770 per month.