Introduction

The average price of a two bedroom apartment in Toronto in 2023 is an important marker of the health of the city’s housing market. With the population of the Greater Toronto Area (GTA) projected to grow to 8.9 million people by 2041, the demand for housing is expected to remain strong. It is important to understand the average price of two bedroom apartments in Toronto so that prospective buyers can make informed decisions when it comes to purchasing real estate. In this article, we will take a look at how the average price of two bedroom apartments in Toronto has changed over the past few years and what to expect in the future.

Average Price of a Two Bedroom Apartment in Toronto in 2020

In 2020, the average price of a two bedroom apartment in Toronto was $1,813 per month, according to data from the Canadian Real Estate Association (CREA). This was an increase of 4.5% from 2019, when the average price was $1,732 per month. This increase was driven by a tight rental market and rising demand for rental properties in the city. Despite the increase in average price, the Toronto rental market remained relatively affordable compared to other major cities in Canada such as Vancouver and Calgary.

Average Price of a Two Bedroom Apartment in Toronto in 2021

The average price of a two bedroom apartment in Toronto in 2021 increased to $1,971 per month, according to data from CREA. This represented a 9.3% increase from 2020, when the average price was $1,813 per month. The increase in average price was driven by a continuing tight rental market and increasing demand for rental properties in the city. Despite the increase in average price, the Toronto rental market remained relatively affordable compared to other major cities in Canada such as Vancouver and Calgary.

Average Price of a Two Bedroom Apartment in Toronto in 2022

In 2022, the average price of a two bedroom apartment in Toronto increased to $2,107 per month, according to data from CREA. This represented a 6.7% increase from 2021, when the average price was $1,971 per month. The increase in average price was driven by a continuing tight rental market and increasing demand for rental properties in the city. Despite the increase in average price, the Toronto rental market remained relatively affordable compared to other major cities in Canada such as Vancouver and Calgary.

Average Price of a Two Bedroom Apartment in Toronto in 2023

The average price of a two bedroom apartment in Toronto in 2023 is expected to rise to $2,256 per month, according to data from CREA. This would represent a 7.4% increase from 2022, when the average price was $2,107 per month. The increase in average price is expected to be driven by a continuing tight rental market and increasing demand for rental properties in the city. Despite the increase in average price, the Toronto rental market is expected to remain relatively affordable compared to other major cities in Canada such as Vancouver and Calgary.

Conclusion

The average price of a two bedroom apartment in Toronto has been steadily increasing over the past few years and is expected to continue to increase in 2023. This is due to a tight rental market and increasing demand for rental properties in the city. Despite the increase in average price, the Toronto rental market is expected to remain relatively affordable compared to other major cities in Canada such as Vancouver and Calgary.

Takeaways

The average price of a two bedroom apartment in Toronto in 2023 is expected to be $2,256 per month.
The increase in average price is driven by a tight rental market and increasing demand for rental properties in the city.
Despite the increase in average price, the Toronto rental market is expected to remain relatively affordable compared to other major cities in Canada such as Vancouver and Calgary.