With the continued trend of people working remotely, there are options for those working from home to look at moving out of Toronto and into surrounding areas that may offer bigger units and/or more affordable rents. Here is how September shaped up:
Toronto:
Average 1 Bedroom: $2050 down 1% MoM down 10.9% YoY
Average 2 Bedroom: $2650 up 0.8% MoM down 11.7% YoY
Hamilton:
Average 1 Bedroom: $1350 Up 2.3% MoM up 8% YoY
Average 2 Bedroom: $1640 down 1.2% MoM up 5.8% YoY
St. Catharines:
Average 1 Bedroom: $1300 Up 4% MoM Up 8.3% YoY
Average 2 Bedroom: $1500, no change MoM or YoY
St. Catharines was in the top 3 for greatest monthly changes with One-bedroom rent growing 4% to $1,300, which is a yearly increase of 8%.
In Toronto, On a year-over-year basis, rents for both bedroom types are down on average 11%.
A special request for Kitchener from The REITE Club:
Kitchener:
Average 1 Bedroom: Flat month over month, up 10% YoY
Average 2 Bedroom: Flat month over month and up 7% YoY. Rents are just slightly higher than Hamilton averages. Kitchener ranks number 9 in top ten most expensive Canadian markets, it shared spot 9 with Montreal.
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