No surprise here! As many of my investor clients have seen the fruits of the rental market first hand with their properties. The latest National Rent Report by Rentals.ca and Urbanation shows Canada’s average asking rents continually hit new highs over the past six months. October’s nationwide average rent reached $2,178, marking an 8.8% increase in the last six months, this is about $175/month.
Among 35 cities across the country, Toronto ranked third for one-bedroom apartments at $2,607 and second for two-bedroom units at $3,424, a 2.7% rise from just last year.
The report showed Oakville had the fourth highest average rent, with a one-bedroom costing around $2,524/month, while Mississauga came in fifth with an average rent for a one-bedroom at $2,352. This is consistent with my first hand experience in the market, as recent as this week.