Toronto Renters Forum

Toronto was the next highest ranked major city at $2,607 for a one-bedroom and $3,424 for a two-bedroom.

“I get asked all the time, ‘How are people affording this?’ The answer is they’re not,” Rentals.ca spokesman Giacomo Ladas said.

He noted a major factor driving up rent prices is the trend of fewer people looking to become homeowners, given the continuing climate of high interest rates. One-third of Canadian households are renters, the rate for which is growing twice as fast as it is for homeowners, he added.

“People are not moving out and going into the home ownership market because they can’t with these rates,” he said.