There’s no denying that rent prices in Ontario are climbing almost everywhere, but there are some cities where prices have actually gone down.
According to the December Rent Report by Rentals.ca, a handful of cities around Ontario experienced a drop in average rent costs compared to the previous month.
Overall, rent prices across Canada are 12.4% higher than this time last year, and have risen 2.5% since October and 4.9% over the past six months.
Toronto continues to lead the way in terms of big cities. The price of a one-bedroom rental in the city has risen by 23% since last year to $2,532 this December.
But, in these cities, the average cost of a one-bedroom has dropped since last month:
- Burlington: $2,155 per month (-0.9%)
- Ottawa: $1,939 per month (-1.0%)
- Barrie: $1,829 per month (-2.6%)
- London: $1,797 per month (-1.1%)
- St. Catharines: $1,561 per month (-5.5%)
By comparison, here is the average cost of a one-bedroom in GTA cities where prices have risen:
- Oakville: $2,156 per month (+2.8%)
- Mississauga: $2,148 per month (+2.7%)
- North York: $2,126 per month (+2.1%)
- Vaughan: $2,005 per month (+4.7%)
- Oshawa: $1,760 per month (+3.0%)
That puts Ontario’s average rent in December at $1,732 for a bachelor apartment, $2,156 for a one-bedroom, $2,638 for a two-bedroom, and $2,917 for a three-bedroom.
As for purchasing a one-bedroom condo, Toronto residents would need a salary of at least $160,000 to afford one, based on the current average price.
Rising mortgage interest rates have made house prices fall in Ontario, putting more pressure on the rental market as those who can’t afford to buy choose to rent instead.
However, if you’re willing to move outside of the GTA, you could be saving a big chunk of change on your living expenses.