Average price of one-bedroom apartment in Toronto hits $1,500

Soaring rent prices make Toronto almost as expensive as Vancouver

According to PadMapper’s most recent Canada Rent Report, the average cost of a one-bedroom apartment  in Toronto has already gone up 4.9 per cent from last month’s $1,430, standing at a whopping $1,500.

The average cost of two bedroom apartments has also increased, landing at $1,900, which is a 4.4 per cent increase from last month and more expensive than a one-bedroom apartment in Vancouver.

These stats have Toronto sitting at a close second for being the most expensive rental market in the country, with Vancouver being number one.

With these numbers, you might want to tell your mom to hold off on her dream to turn your bedroom into a home office. Odds are a few of us will be sticking around.