The time to secure a cheap place in Toronto has come and gone, I'm afraid — not that rent prices were ever really "cheap" here. Not even after the 20 per cent free fall the market experienced last winter.

Average rents continue to climb in Canada's largest city, even as concerns mount over yet another potential wave of COVID-19 brought on by the Omicron variant, and experts say they'll keep on rising throughout the entirety of 2022.

Per the new National Rent Report from Bullpen Research & Consulting and Rentals.ca, the average rent for all property types in Toronto was $2,300 per month in November of 2021 — an increase of 10 per cent over the previous November, when rents sank down to only $2,082.

Of course, the November before that one — November of 2019 — posted an average rent price in Toronto of $2,591, up 8.6 per cent over November 2018.

This means that tenants are still looking at lower rates right now than they were two years ago at this time and that, if analysts are correct, this will remain the case throughout 2022.

But that doesn't mean you'll save more money next year. Rents will still go up — faster in Toronto, apparently, than anywhere else in the country.

Average rents have yet to reach their pre-pandemic levels, but are rising faster in Toronto than anywhere else in Canada. Image via Rentals.ca.

"Toronto is forecasted to have the strongest bounceback in 2022, as the forecast calls for an annual increase in the average rent of 11 per cent next year to $2,495 per month," reads the aforementiomed rent report.

"This is similar to how the rental market in Toronto has performed throughout 2021, posting an annual increase of 10 per cent this year following the major declines during the pandemic-impacted 2020."

Yes, rent prices are expected to remain below their November 2019 peak by the end of 2022, but they're already rising at a faster rate than they were before the pandemic hit. On a per-square-foot basis, rents just went up by 12 per cent year-over-year.

These trends obviously vary by neighbourhood, property type and even individual buildings: According to the Bullpen and Rentals.ca report, rent prices (per square foot) have shot up staggering 26 per cent for one-bedroom units in Phase II of Toronto's notorious Ice Condos over the past year. 

"The forecast prepared by Bullpen and Rentals.ca for 2022 sees continued growth in the rental market following the unprecedented declines experienced from April 2020 to April 2021," said Bullpen president Ben Myers in a release when announcing his firm's predictions for the year ahead.

"Despite the continued upward trend next year, Toronto, Mississauga, Montreal and Calgary are expected to finish next year below their peak rent levels from late 2019 and early 2020."