Toronto condos being snapped up by tenants..
Intense competition means condos are being rented within 10 days of listing at average rents of $2,219
Ontario’s expanded rent control rules, in place since April, couldn’t stop a 10.3% hike in condo rents over the past year, according to a new study.
Condo research firm Urbanation Inc. said Thursday the average index rent in the third quarter of 2017 for condominium apartments transacted through the Multiple Listing Service in the Greater Toronto Area jumped to $2.99 per square foot. Based on an average condo size of 743 square feet, that brings the average rent to $2,219 – a $232 increase over the past 12 months.
“The intense competition between renters in Toronto shows no signs of letting up in the near future,” said Shaun Hildebrand, senior vice president with Urbanation. “While it’s encouraging to see that rental proposals are still coming in, the level of new development needs to ramp up significantly in order to meet demand.”