Toronto Rent Rates shot up significantly last year.
In a new report, the Toronto Real Estate Board announced that the average rents for one-bedroom and two-bedroom condos in the GTA noticeably went up on an annual basis in Q4 2017, based on transactions reported by the metropolitan area’s brokers through the Board’s MLS® System. The average rent for one-bedroom condo apartments in TREB’s jurisdiction went up by 10.9% on a year-over-year basis in the 4th quarter, up to $1,970. Meanwhile, the average two-bedroom condom apartment rent increased by 8.8% over the same period, up to $2,627. “As the population in the GTA continues to grow, so too does the demand for rental accommodation. The problem is that rental supply has not kept up with the increase in demand in recent years. The result has been low vacancy rates and intense competition between renters for available units. This competition has underpinned very strong growth in average rents,” TREB president Tim Syrianos said last week.
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