With the threat of rent increase in Ontario ever-looming and some of the province's biggest cities becoming more expensive by the minute, the thought of renting anywhere can be a bit daunting.
But not all is lost because there are actually some big cities in Ontario that have had their average rent prices drop within the last year.
According to a rent report released by Rentals.ca that looked into the average rent of Canadian properties listed on their website, the average rent for a condo or rental apartment in some Ontario cities had actually decreased between February 2021 and February 2022.
Chart on average rent prices based on 2021-2022 report from Rentals.ca. Rentals.ca
If you're looking into apartments for rent in Hamilton, well, you're in luck. According to the report, the average cost of rent in this city dropped by 4% (or $77) from $1,799 to $1,722 over the last year.
Closer to the 6ix, North York was a city that also saw a slight decrease last year with prices going down by just 1% (or $15) between February 2021 to 2022.
Surprise surprise, the study revealed Toronto came out on top as the city with the biggest increase in rent, soaring up 16% over the past year and costing renters an average of $2,312 last month.
Etobicoke also saw a similar hike in prices. In February 2022, renters here pay $2,155 on average, which is 12% more than what they were paying for rent last year at $1,929 each month.
If you're not about those rent prices though, Rentals.ca noted that major Ontario cities like Mississauga, Ottawa, Kitchener and Scarborough saw lower increases, with their average rental costs being less than Toronto and Etobicoke in February.
The rent report also broke down how much renters are paying to live at their apartments in March 2022.
Here's how much Ontarians are currently shelling out on average for rent at a one-bedroom apartment:
- Toronto - $2,044
- Oakville - $1,922
- Etobicoke - $1,860
- Oshawa - $1,822
- Mississauga - $1,776
- Barrie - $1,771
- Guelph - $1,729
- North York - $1,724
- Ottawa - $1,692
- Vaughan - $1,671
- Kitchener - $1,576
- Brampton - $1,514
- Hamilton - $1,514
- Waterloo - $1,463
- Kingston - $1,434
- London - $1,363
- St. Catharines - $1,276
- Windsor - $1,238