7 GTA cities rank in the top 10 for highest rents across Canada – even studio apartments aren't getting off easy - NOW Toronto (2024)

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Another day, another rental report reminding residents in the Greater Toronto Area (GTA) the cost of living is only getting higher.

A new report from Rentals.ca and Urbanation showed that rent for all residential property types in Canada averaged $2,193 in February.

This is a 10.5 per cent increase year-over-year and apparently the fastest rate of annual growth since September 2023.

In fact, of the top 10 most expensive cities for rent, seven of them are scattered across the GTA, including Toronto, Mississauga, Oakville, Etobico*ke, Scarborough, Burlington and Brampton.

READ MORE: Number of GTA neighbourhoods in underbidding territory reaches new high. Here’s the areas to look out for

Despite this, Toronto managed to dodge the top spot which was claimed by Vancouver, B.C. in which the average rent for a one-bedroom apartment sits at $2,653 and a two-bedroom costs $3,541.

Toronto followed suit with an average rent of $2,495 for a one-bedroom and $3,287 for two.

According to the report, this time in 2022, the average asking rent was $384 less per month across the country. This was before the start of interest rate hikes by the Bank of Canada.

Despite this, Ontario and B.C. saw the slowest growth in rents for purpose-built and condo apartments compared to other provinces in February, with annual increases of just one per cent and 1.3 per cent, respectively.

Alberta, however, saw the fastest growing rent costs, with the total average asking rent for apartments up 20 per cent annually in February.

Meanwhile, Saskatchewan remained the most affordable province for rent in February, despite seeing the second-fastest annual increase of 15.8 per cent..

READ MORE: Study compares cost of living to home prices over 5-year period across Canadian cities. Here’s how much expenses increased in Toronto

And things are only getting more brutal, as the average rent for studio apartments across Canada rose the fastest in February.

“Asking rents for purpose-built and condominium apartments averaged $2,146 in February, increasing 12.5% from a year earlier. As renters shifted toward more affordable housing options in February, rents grew fastest for the smallest unit types,” the report reads.

“Studio apartments posted the strongest annual rent growth in February with a 14.8% increase, followed by 13.4% annual growth for one-bedroom apartments.”