Hamilton and Toronto Rent Prices Rising
When was the last time that you checked the housing market prices in Hamilton or Toronto?
The latest rent report from PadMapper shows that Toronto is still the most expensive city to live in and that Hamilton and Toronto rent prices are rising. That’s not surprising to anyone that’s been paying attention to Canadian rent markets. What is, however, is how much it actually costs to live there. But even with the price increase, Hamilton is still very affordable compared to Toronto.
The median price of 1 bedroom apartment in Toronto rose by 2.8% to $2,200. Going by the suggested rent to income ratio of 30% or less, you’d need to be making nearly six figures. At $26,400 annually, your pre-tax income would have to be $88,000.
So how are Torontonians affording to live in a city with prices so high?
According to the 2016 census, the median household income in Toronto was only $65,829, which is pretty low compared to Ontario’s median household income of $74,287.
Hamilton’s median rent increased by 4.5% for 1-bedroom apartments and 1.5% for 2-bedrooms. But even at $1,150 for a 1-bedroom or $1,370 for a 2-bedroom, that is still nearly half the price of Toronto rents.
It’s no wonder people are moving to Hamilton from the GTA in search of apartments and homes at half the price! Send me a message if you want to find a home in Hamilton and save on your housing expenses.