After a months-long stint of having the third-highest rents in Canada, Toronto has surged back up to reclaim its former title of the second most expensive place to be a tenant in the country, after only Vancouver.

Though the average price of one- and two-bedroom apartments in the city actually decreased ever-so-slightly last month compared to both the previous month and the same time last year, the national figures show that Toronto has once again overtaken Burnaby, B.C. prices, with rent bills also up overall nationwide.

The latest report from Rentals.ca and Urbanation, released this week based on last month's data, puts the price of the typical apartment nationwide at $2,193 — a whopping 10.5 per cent more than in February 2023, marking the fastest year-over-year escalation we've seen in five months.

The nation's top 10 priciest places to rent an apartment, per Rentals.ca and Urbanation's February 2024 data.

In Toronto specifically, the typical one-bedroom unit is now renting for $2,495, and the standard two-bedroom for $3,287. Though these numbers are marginally lower than both January 2024's and February 2023's averages (with declines of between 0.2 and 1.3 per cent), prices have not gone down enough to keep Toronto cheaper than Burnaby.

Rent costs in the Vancouver suburb climbed past Toronto's last fall, but now sit slightly lower than the 6ix, at $2,456 for a place with one bedroom and $3,078 for one with two bedrooms.

(It is worth noting, though, that the firms' analysis only includes purpose-built rental units and condo apartments, not units in houses.)

Canada has seen a drastic spike in rent prices in recent months, largely thanks to higher interest rates. Graph from Rentals.ca and Urbanation.

Despite the slight drops in Canada's most expensive markets, infographics show just how much more difficult it has become for Canadians to keep a roof over their heads, prompted by higher interest rates and demand shock spurred by rapid and untenable population growth.

Another indicator of how unaffordable markets across the country have become is the number of listings for shared apartments jumping a staggering 72 per cent from February 2023 to February 2024 as people look to split costs with roommates.

Rent prices for these types of units skyrocketed by 12 per cent nationally and nine per cent in Ontario in particular, while the smallest and cheapest units, bachelor apartments, saw the fastest price increases.