Ontario rent rose more than almost every other province


The cost of renting a home in Ontario rose more than almost every other province in Canada last month, according to a new national analysis of online listings.


The latest National Rent Report, released this week by Rentals.ca and Bullpen Research and Consulting, found Ontario ranked second when it comes to the highest average rent for all types of dwellings in July.


The only province that surpassed Ontario was British Columbia with a 19 per cent year-over-year increase.


In Ontario, the average residential rental climbed to $2,332 a month in July, marking a 3.1 per cent monthly increase and a 15.2 per cent annual bump.


A LOCAL LOOK


Overall, the average rent in central Toronto rose 24 per cent year-over-year in July.


For a one-bedroom unit, rent sat at $2,257 in July, marking a 21.6 per cent year-over-year increase in Toronto.


For a two-bedroom apartment, that increase climbed 25 per cent to $3,259.


The month-over-month average rent in the city saw a four per cent increase for a one-bedroom and 7.8 per cent for a two-bedroom.


While downtown Toronto is notorious for its expensive rental units, three of its former townships, Etobicoke, North York and Scarborough, also saw significant rent increases in July.


In Etobicoke, the average cost of renting a one-bedroom unit reached $2,007 in July and $2,582 for a two-bedroom


Year over year, that marks an 11.5 per cent increase for a one-bedroom in Etobicoke and a 9.3 per cent increase for a two-bedroom.


Over in North York, renters paid on average $1,913 for a one-bedroom last month and $2,469 for a two-bedroom suite.


Year over year, average monthly rent in July rose 14.6 per cent for a one-bedroom in North York and up 21.9 per cent for a two-bedroom.


Eastward, in Scarborough, the cost of renting a one-bedroom was $1,635 in July. Rent for a two-bedroom unit came in at $2,133.


Year over year, rent went up 3.1 per cent for a one-bedroom in Scarborough and 15.2 per cent for a two-bedroom.


The study found tenants in other parts of the GTA are also paying significantly higher rent.


In Mississauga, a one-bedroom went for $1,862 last month, while the rent for a two-bedroom came in at $2,394.


Year over year, rent rose 6.2 per cent for a one-bedroom in Mississauga and 12.4 per cent for a two-bedroom.


In Vaughan, a one-bedroom suite was $1,825 last month. Rent for a two-bedroom topped $2,396.


Year over year, that marks a 7.4 per cent increase for a one-bedroom in Vaughan and 12.5 per cent for a two-bedroom. Month over month, average rent in Vaughan was up 5.6 per cent for a one-bedroom and up 8.1 per cent for a two-bedroom.


Brampton tenants paid $1,772 for a one-bedroom apartment in July and $2,388 for a two-bedroom unit.


Year over year, rent increased 13.8 per cent for a one-bedroom in Brampton and was up 33.2 per cent for a two-bedroom. Month over month, average rent in Vaughan was up 9.6 per cent for a one-bedroom and up 16.4 per cent for a two-bedroom.


Lastly, in Oshawa, the average cost of renting a one-bedroom unit was $1,626 and $1,953 for a two-bedroom.


Year over year, that marks a 8.1 per cent jump for a one-bedroom in Oshawa and 16.8 per cent for a two-bedroom.


Outside of the GTA, monthly rent inflation rose from 24 per cent to 26 per cent in London, Hamilton and Kitchener. 

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