Categories: Lifestyle

Rent prices have actually gone down in these cities near Toronto this month

Photo via Alexander Gold / Shutterstock

There’s no denying it now — rent prices in Toronto are about to soar to pre-pandemic heights. But you might be surprised to know that average rent costs in cities around the GTA have actually gone down this month, according to a report from Rentals.ca for March 2022.

The report says that while Toronto’s rent prices have risen to $2,044 per month on average for a one-bedroom, prices in cities like Oakville, Oshawa, Mississauga, and Brampton have gone down since last month.

Unfortunately, that’s not to say that rent in these cities is anywhere close to cheap, but you’ll definitely be paying less for your apartment in these cities than in the heart of Toronto, where one-bedroom rentals are now 12.7% more expensive than this time last year.

Here are the GTA cities where rent has gotten cheaper in March 2022:

Oakville — $1,922/month (-1.89%)
Oshawa — $1,822/month (-1.46%)
Mississauga — $1,776/month (-0.11%)
Brampton — $1,514/month (-2.45%)
Hamilton — $1,514/month (-2.89%)

Other cities around Toronto remain relatively affordable as well. The cost of a one-bedroom is $1,536 in Markham, $1,525 in Scarborough, and $1,572 in East York.

According to Rentals.ca, prices are steadily increasing all across Canada and various factors could drive them even higher in the coming months.

“Rents could continue to push higher in the near future because of increasing demand reinforced by supply chain disruptions, record inflation, increasing interest rates and much higher gas prices,” the report says.

With no relief on the horizon, it might be time to set your sights on this tiny home community in Ontario where homes cost less than $100K.