The cost of rent is rising fast in Toronto’s neighbouring cities

  • Posted:
hamilton_rent

High rents aren’t just a Toronto problem. Pricey monthly payments, a feature of downtown living, are leaking into the suburbs and beyond, experts say.

For a one-bedroom in Barrie, according to PadMapper in May 2018: $1,380 a month. In Oshawa, you’ll pay about $1,130. In Kitchener: $1,100, and in Hamilton: $1,060.

And those rents are increasing, fast. In Barrie — which has the fourth highest average in Canada, according to PadMapper — rent for a typical one bedroom is up 15 per cent from last year. Oshawa is up 15.3 per cent, Kitchener has had a 13.4 per cent increase and Hamilton 14 per cent.

That’s close to the skyrocketing year-over-year increase in Toronto itself, at 15.6 per cent.

The cost of renting outside the core is still lower — renters looking for a one-bedroom in Toronto will pay around $2,080 a month, the second highest average in Canada, after Vancouver — but experts say rents at the fringes of the GTA are rising as downtown dwellers look outward to find affordable housing.

“One of the reasons that people are moving to Hamilton is that it’s a great city and has lots to offer,” said Sara Mayo, a social planner with the Social Planning and Research Council of Hamilton.

Click here to read the entire article.

Article and Image Source: The Toronto Star

  • Normal Large Largest Change the font size
  • BrowseAloud