Back in July, Better accommodation reported that almost half of Toronto could not afford a room and that the Canadian Center for Policy Alternatives recommended to increase the minimum wage. At the time, rent was only $ 2,290 – a figure that had increased by 2.7% of the previous month.
Now a one bedroom has crossed the threshold of $ 2,300. At $ 2,314, an average room with Canada’s most populous city is a stretch for most people. According to National rental report created with data from Locations.ca and Council of relievers, it’s highest ever. So if you are one of the lucky ones with affordable housing, don’t go!
In fact, the housing situation has now become so bleak that couples even avoid breaking up. With a two-bedroom now costing over $ 2,966 last November, it’s a crisis that has huge implications for tthousands of students who come to Toronto for college or university.
Remarkably, this price is not the highest in the country. Toronto is the second most expensive city of the 34 cities listed, behind Vancouver. But anyone who plans to move to the big city better educate yourself first.
The report highlights some gloomy predictions for 2020 – such as the fact that the average monthly rent in Toronto is likely to increase by 7% – although average rents in Canada are only expected to increase by 3%.
“After two years of unprecedented rental growth, which included several markets where average rents increased by 20 [per cent] or more, we expect some moderation in 2020, ”said Matt Danison, CEO of Rentals.ca, in a statement.
“There should be some supply easing in the Greater Toronto Area in 2020, but Rentals.ca and Bullpen expected average rental rates for all property types in Toronto and Mississauga to increase by 7%. [per cent] at 8 [per cent] Next year.”
Overall in 2019, the average rent in Toronto was $ 2,504 per month – that is, for various types of housing – a figure that is expected to rise to $ 2,800.
Jenny Febbraro is a Toronto-based freelance writer. She has written for Vox Media, Now Magazine, BlogTO and Today’s Parent on topics ranging from rabid squirrels to social policy to real estate development.