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A for rent sign outside a home in Toronto.
A for rent sign outside a home in Toronto. Photo by Cole Burston/The Canadian Press

Rental prices in the Greater Toronto Area rose by double-digit levels on a year-over-year basis in the third quarter.

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The average one-bedroom apartment rent in the third quarter was $2,483, up 20.4 per cent from $2,061 in the same period of the previous year. The average two-bedroom apartment rent went up to $3,184 from $2,780 in the past year.

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The number of condo apartment rental transactions reported through TRREB's MLS System declined in the third quarter of the 21st century. As was the case in the second quarter, the number of rental units listed was down, making it harder for people to find a unit to live in.

The report stated that the competition for condo rentals has intensified.

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TRREB attributed the tightness in the market to a number of factors, including a pickup in immigration and non-permanent migration for school and work, and higher borrowing costs. The Bank of Canada raised interest rates for the sixth time in a row.

  1. Condo buildings in the Liberty Village neighbourhood in Toronto.
  2. An apartment building in the Parkdale neighbourhood of Toronto.
  3. Rent inflation can largely be chalked up to the rising interest rate environment.
  4. The growth in renter households has more than doubled the growth of owner households, Statistics Canada says.

More rental supply is needed to balance the market according to TRREB's chief market analyst.

According to the report, while investor-owned condo units have been an important source of supply, current tight market conditions and double-digit average rent growth point to the need for additional purpose-built stock.

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  1. Net wealth cratered in the second quarter, shedding $900 billion in the largest drop on record as the housing market deflates under rising interest rates and stuttering financial markets, says RBC.
  2. Bank of Canada governor Tiff Macklem raised interest rates by 50 basis points to 3.75 per cent Wednesday.
  3. Quiet firing can be demoralizing for an employee, which is exactly the point.
  4. Canadian banks began raising the prime rate after the Bank of Canada hike its interest rate by 50 basis points Wednesday.
  5. Image by default

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