The price of rent in Toronto has risen yet again, with one- and two-bedroom apartments in the city now costing over 20 per cent more than they did a year ago.

According to the November 2022 National Rent Report from Rentals.ca and Urbanation, the average monthly rent for a one-bedroom in Toronto hit $2,478 in October, an annual increase of 23.7 per cent.

The average two-bedroom rent in the city reached $3,319 last month, a year-over-year increase of 23.8 per cent.

Among all the city's purpose-built rental and condominium apartments, the average rent was $2,820 in October, a 26.8 per cent jump from a year ago.

According to the report, Toronto's rental market has experienced the strongest annual price growth over the past year among Canada's largest markets. The dramatic jumps made the city the second-most expensive to rent a home in Canada last month.

Since the Bank of Canada began raising interest rates in March, the average rent in Canada has risen 9.2 per cent; in comparison, the average benchmark resale price has fallen 9.9 per cent over the same period.

"The unprecedented growth in rents underway is broad-based across Canada, with most markets reporting double-digit annual rent inflation," said Shaun Hildebrand, president of Urbanation.

"The rental market keeps getting hotter with each interest rate increase, coupled with a record-high increase in the population. The need to ramp up rental supply has never been greater."

Rentals.ca and Urbanation

Across Ontario, average rents were up 17.7 per cent annually.

The largest annual increase across the province was seen in Brampton — one-bedrooms in the city reached $2,052 in October, a year-over-year increase of 30.4 per cent. Two-bedroom units were up 32.2 per cent, to $2,463.

Rentals.ca and Urbanation

Etobicoke also posted notable price increases - the average rent for a one-bedroom was up 23.9 per cent to $2,193, while two-bedrooms rose by 23.2 per cent to $2,837.