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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com





10 April 2019

Condo rents in Toronto almost reach $3,000

In the first quarter of 2019, Toronto didn’t show a weaker rent growth for condo, as the average number for a two-bedroom unit almost reached $3,000 per month.

The recent report by the Toronto Real Estate Board (TREB) shows that the average two-bedroom condo rent in the GTA was $2,811 in Q1, marking a 6% annual increase. In case of a one-bedroom option, the number was up by 7.4% to $2,143.

At the same time, there were 12,358 condo units listed for rent via TREB’s online service, which is 22.4% more than a year ago. Although it is good news, it’s not enough to improve the affordability issue, as people still show strong interest in renting condos.

“It’s quite understandable that condo rents are rising. The GTA’s population keeps growing as people are attracted to the region by its strong economy and diversity,” - noted TREB President Garry Bhaura.

According to TREB, there were 6,646 condo apartments leased in the first quarter, marking a 7.7% year-over-year gain.

“In other words, the demand for rental properties remains strong”, - says Jason Mercer, TREB’s chief market analyst. “In such situations, the competition between potential renters is increasing, pushing rents even higher”, - he noted. It includes bidding wars, which are already common in Toronto and Vancouver.

The average rent for a one-bedroom unit in the City of Toronto reached $2,186, while two-bedroom units were leased for $2,964.

If you’re searching for more affordable options and you’re ready for a longer commute, you may consider Mississauga, which borders Toronto to the west. Here, you can rent a one-bedroom for $2,046 or a two-bedroom apartment for $2,417.

 

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