One foolproof way to save money on rent: stop living anywhere near Toronto.
Toronto isn’t a cheap place to live, but that’s not only true if you’re trying to buy a house. Apartment vacancy rates are lower than they’ve been in a decade, and as they go down, average rents are going up, a trend that Shaun Hildebrand, a senior market analyst at the Canada Mortgage and Housing Corporation, recently told OpenFile wasn’t going to stop anytime soon: ”Demand is exceeding supply,” he explained, “and demand is going to remain strong.”
If you’re looking to save more than a few bucks, though, a comparison of Ontario’s average monthly apartment rents suggests you might have to look several kilometres farther away from the city centre than you thought—unless, of course, you’d consider Scarborough:
Data from the Canada Mortgage and Housing Corporation’s rental market reports—all data is for average apartment rents as of October 2011, the most recent month for which there’s detailed information available across all cities.
Graph by Nicola Hamilton/The Grid.