Toronto is known for its hella expensive rent prices, but it looks like Mississauga is following in the 6ix's footsteps next year.
A recent rental report put out by Rentals.ca and Bullpen Research & Consulting not only broke down what the average costs of rent are across Ontario and Canada for this month but also forecasted rental prices for the following year for select cities.
According to the rental platform, the 6ix is looking like it will have "the strongest bounceback in 2022", and will likely see an 11% annual increase to the average costs of rent. This means that Torontonians could pay $2,495 each month. Yikes.
"This is similar to how the rental market in Toronto has performed throughout 2021, posting an annual increase of 10% this year following the major declines during the pandemic-impacted 2020," the report said.
Currently, the average price for a one-bedroom apartment in Toronto this month rings out to be $2,040 with two-bedroom apartments costing $2,764 a month.
Mississauga's prices are expected to rise, too.
Right now, the average rental price for a one-bedroom apartment comes out to be $1,796 per month with two bedrooms totalling $2,142. Come 2022, the average rent is forecasted to go up by 7% up to $2,265 a month.
"While the ever changing landscape makes it difficult to forecast the direction of the rental market in Canada, the overall trend appears to be one of recovery as the average rents continue to rise each month. Bullpen Research & Consulting expects this trend to continue as we close out 2021 and start 2022," the rental report concluded.
Ontario's house prices are also looking up for the new year, too. According to a recent RE/MAX report, Toronto and Mississauga are among the priciest Ontarian cities for real estate next year with average house prices racking out at $1,160,491.20 and $1,150,265.70, respectively. Sheesh.