Toronto Apartment Rents Spiked 21% YoY in January

The rental exorbitance that defined 2022 showed no signs of relenting in January, according to a new national rent report.

The report — a collaboration between Rentals.ca and Urbanation, based on data from RentFaster.ca — puts the average rent for all property types in Canada at $1,996. Although that figure has dipped nominally since December, it was 9.5% above the pre-pandemic level and 10.7% over the year prior. January was the ninth-straight month in which annual rent growth exceeded 10%.

As it has in previous months, the report also highlights the mounting affordability challenges in the Greater Toronto Area (GTA). Apartment rents in Toronto were up 20.8% from the year prior, and in addition, some of the country’s priciest medium-sized markets were in the GTA, including Vaughan, Oakville, Etobicoke, Mississauga, Brampton, and Burlington.