Renters in Ontario know that finding somewhere affordable to live can be tough! If you’re thinking of moving somewhere else in the province or just want to know how your rent cost stacks up, liv.rent has put together a report on Canada’s rental market in 2023, listing the cheapest and most expensive cities to rent in Ontario.
When it comes to the most expensive cities to rent in Ontario based on average monthly rent for unfurnished one-bedroom units, it may not come as a surprise to know that the top three are all in the Greater Toronto Area.
Markham is ranked as the most expensive listing the average unfurnished one-bedroom at $2,312 per month. The second most expensive is Mississauga at $2,278 and the third most expensive is Toronto at $2,252 per month for an unfurnished one-bedroom.
Now that you know what cities are going run you the most, here’s what cities could save you some money on your monthly rent!
Also based on the average rent for an unfurnished one-bedroom, Niagara Falls ranks as the cheapest city at $1,552 per month. St. Catherines follows in second at $1,559 and London ranks third at $1,573.
According to liv.rent’s data, the average rent price in Ontario for an unfurnished one-bedroom was $1,920 per month, below the cost of all three cities that rank the highest.
Rent prices in the Greater Toronto Area increased more in 2023 than in 2022, rising 16% compared to last year’s rise of 10%.
The report also states that Markham and Mississauga were largely responsible for the GTA’s increase in rent prices with one-bedroom, unfurnished units in Markham and Mississauga increasing by 24% and 17% respectively.
So what drives the cost of rent up? According to liv.rent, “Rent prices increased primarily due to population growth driven by immigration.” In each of the last three years, Ontario saw more than 130,000 new immigrants coming to the province annually making 2023 the province’s highest immigration level since 2011 (162,915 new immigrants).
And if you’re curious on 2024’s outlook, liv.rent predicts Ontario cities Kitchener, Markham, Oshawa, and London will continue to see growth in numbers of renters this year.
How does your rent compare to these numbers, Ontario?