Ontario has become one of the most expensive provinces to live in. A recent RBC Economics report shares that housing affordability is “overstretched” in Ontario but what about when it comes to rent? There are several factors that will affect your monthly dues, especially the city in which you live in.
Online renting portal, Rentals.ca has shared its latest 2023 rent report for January and we focused on the average cost of a one-bedroom unit in 11 different cities across Ontario.
According to the site, the most expensive city in Ontario at the moment for a one-bedroom unit is Etobicoke. Its average rent comes in at $2,828. Toronto isn’t far behind with an average monthly rent of $2,476. Mississauga falls in third at $2,193.
These numbers surpass the average listed rent overall in Ontario which stands at $2,139 for a one-bedroom. According to the report, the province has seen about a 15% increase in just a year for both studios and one-bedroom units.
Here’s where other cities land in terms of average monthly rent for a one-bedroom unit in Ontario:
- Etobicoke – $2828
- Toronto – $2,476
- Mississauga – $2,193
- Scarborough – $2,037
- Brampton – $1,968
- Kitchener – $1,968
- Ottawa – $1,956
- Barrie – $1,905
- London – $1,817
- Oshawa – $1,807
- Hamilton – $1,790
Hamilton is looking really nice right about now…