According to Rentals.ca, the average monthly rent in the Greater Toronto Area increased by 21 percent in August.
Rent for all property types was up $430 to $2,528 from $2,098 in August 2021. The average is above the low of $1,972 per month set in April.
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Rent was up on a monthly basis in August In the past four months, rental rates in the Greater Toronto Area have risen by two per cent or more, following a rise of 5.7 per cent in May, which was a multi-year high.
The rising interest rate environment has made owning a home more expensive and resulted in a decline in prices in the resale market.
The Bank of Canada is expected to keep hiking interest rates.
Rents went up 20.1 per cent in Toronto. The Bay Street Corridor had an average of $2,779.
In the third quarter, the average rents in Toronto have increased by more than any other city in Canada.
The Greater Toronto Area rental market has experienced four significant monthly rent increases, as tenant demand has skyrocketed due to interest rate changes, a resale house price correction and the typical seasonal fall uptick.
The listings on TorontoRentals.com hit a multi-year high in August, doubling over the past year and up 166 percent from August 2020.
He said that prospective tenants are seeing limited vacancies due to an extreme imbalance between supply and demand.
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