10 April 2019

“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.