10 December 2018

“As the vacancy rate remains low, demand pressures led to high rents,” – she says. “Average rents in Toronto went up by 4.7% to $1,307 annually. In case of condos, the increase was 5.5% to $2,235, in 2018.”

In Petramala’s opinion, the change in rent control is unlikely to provide the necessary high level of supply for pushing down the rents.

“Hypothetically, removing rent control on new units has to support modestly more investment in the long-term,” – she noted. “Nevertheless, new renters (newcomers and millennials) still face growing rents. The average rent has been going up by 9% annually during the previous 2 years”.