Real Estate

Renting a Condo in Toronto Is a Losing Battle With Dizzy Prices

Average rent rose by 9.1 percent in the fourth quarter
A frenzy of building, with development at a 25-year high

Condominium windows are seen illuminated at night in Toronto, Ontario, Canada, on Friday, May 26, 2017. Canadian mortgage growth is slowing as the country's policy makers step up efforts to cool overheated housing markets in Vancouver and Toronto. With four of Canada's biggest banks reporting second-quarter results, the trend shows that growth in home loan portfolios is easing and in some cases shrinking.Photographer: Brent Lewin/Bloomberg

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By Natalie Wong

January 12, 2018 at 11:00 AM UTC

Go ahead, just try to rent an apartment in Toronto.

The feat is getting even harder, with supply tight and prices showing no sign of retreating. The vacancy rate in the fourth quarter was among the lowest ever, at 0.3 percent, according to Urbanation Inc. The average monthly rent for a condominium rose by 9.1 percent to C$2,166 (US$1,730) from a year earlier.